To repeal the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes.

SA 4713. Mr. BAUCUS submitted an amendment intended to be proposed by
him to the bill S. 510, to amend the Federal Food, Drug, and Cosmetic
Act with respect to the safety of the food supply; which was ordered to
lie on the table; as follows:

Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Small Business Paperwork
Relief Act''.

SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORTING
REQUIREMENTS.

(a) Repeal of Payments for Property and Other Gross
Proceeds.--Subsection (b) of section 9006 of the Patient
Protection and Affordable Care Act, and the amendments made
thereby, are hereby repealed; and the Internal Revenue Code
of 1986 shall be applied as if such subsection, and
amendments, had never been enacted.
(b) Repeal of Application to Corporations; Application of
Regulatory Authority.--
(1) In general.--Section 6041 of the Internal Revenue Code
of 1986, as amended by section 9006(a) of the Patient
Protection and Affordable Care Act and section 2101 of the
Small Business Jobs Act of 2010, is amended by striking
subsections (i) and (j) and inserting the following new
subsection:
``(i) Regulations.--The Secretary may prescribe such
regulations and other guidance as may be appropriate or
necessary to carry out the purposes of this section,
including rules to prevent duplicative reporting of
transactions.''.
(2) Effective date.--The amendments made by this subsection
shall apply to payments made after December 31, 2010.
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