Bill > S359

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 for businesses to report payments to the Internal Revenue Service (IRS). 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 remove the requirement to report payments made for rental property that is not part of a trade or business. The bill also increases the amount of excess advance payments for health insurance premiums that can be recaptured, meaning taxpayers would have to repay a larger portion of overpaid subsidies before a certain income threshold.