S. 636

Reduce Wasteful Tax Forms Act of 2007

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II

110th CONGRESS

1st Session

S. 636

IN THE SENATE OF THE UNITED STATES

February 15, 2007

Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the reporting period for certain statements sent to taxpayers.

1.

Short title

This Act may be cited as the Reduce Wasteful Tax Forms Act of 2007.

2.

Extension of reporting period for certain statements sent to taxpayers

(a)

In general

The following provisions of the Internal Revenue Code of 1986 are each amended by striking January 31 and inserting February 15:

(1)

Subsection (c) of section 6042 (returns regarding payments of dividends and corporate earnings and profits).

(2)

Subsection (d) of section 6043A (returns relating to taxable mergers and acquisitions).

(3)

Subsection (e) of section 6044 (returns regarding payments of patronage dividends).

(4)

Subsection (b) of section 6045 (returns of brokers).

(5)

Subsection (b) of section 6050N (returns regarding payments of royalties).

(b)

Statements regarding certain returns relating to securities

Section 6041(d) of the Internal Revenue Code of 1986 is amended by striking January 31 and inserting January 31 (February 15, in the case of statements regarding returns relating to payments made by financial institutions to customers in connection with securities (including securities lending)).

(c)

Statements relating to certain substitute payments

Section 6045(d) of the Internal Revenue Code of 1986 is amended—

(1)

by striking at such time and, and

(2)

by inserting after other item. the following new sentence: The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year during which such payment was made..

(d)

Statements regarding certain reports by employers and plan administrators

Section 6047(d)(2) of the Internal Revenue Code of 1986 is amended by inserting , except that any report to any person other than the Secretary shall be furnished on or before February 15 of the year following the calendar year for which the report under paragraph (1) was required to be made after regulations.

(e)

Certain statements relating to interest payments

Section 6049(c)(2)(A) of the Internal Revenue Code of 1986 is amended by striking January 31 and inserting February 15 (January 31, in the case of any statement regarding a return relating to payments of interest made by any obligor described in subparagraph (B) or (C) of subsection (b)(1), unless such statement is combined in a statement the due date for which is February 15).

(f)

Effective date

The amendments made by this section shall apply to returns, reports, and other statements the due date for which (determined without regard to extensions) is after December 31, 2007.