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US HR705
US HR705Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 - Amends the Internal Revenue Code to: (1) repeal requirements for the reporting to the Internal Revenue Service (IRS) of payments of $600 or more to corporations that are not tax-exempt and of gross proceeds paid in consideration for any type of property, (2) repeal requirements for reporting payments made with respect to rental property which is not part of a trade or business, and (3) increase the limitation on recapture of excess advance payments of the tax credit for health insurance premiums.
AI Summary
This bill, titled the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, aims to simplify tax reporting by repealing certain requirements. Specifically, it would eliminate the need to report payments of $600 or more made to corporations that are not tax-exempt, as well as the reporting of gross proceeds from property sales. Additionally, it would repeal the requirement to report payments made for rental property that is not part of a business. The bill also adjusts the limits on how much of an overpayment of the health insurance premium tax credit can be recovered by the government, increasing the amount that taxpayers with household incomes below 400% of the poverty line can keep before recapture begins.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Placed on the Union Calendar, Calendar No. 7. (on 02/22/2011)
Official Document
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