,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #chef  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #bh1 #bjae    
,mr4 ,r5acci 7= himself & ,mr4 ,c>ney7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide a safe h>bor = 
de m9imis errors on in=mation returns & 
payee /atem5ts4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,in=mation ,report+
 ,simplification ,act ( #bjae4  #b4     
,safe h>bor = de m9imis errors on       
in=mation returns & payee /atem5ts  7a7 
,9 g5]al ,section #fgba7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
at ! end ! foll[+ new p>agraph3  7#c7   
,safe h>bor = c]ta9 de m9imis errors    
7,a7 ,9 g5]al ,if1 ) respect to an      
in=mation return fil$ ) ! ,secret>y--   
7i7 !re are #a or m failures describ$ 9 
subsection 7a77#b77;,b7 relat+ to an    
incorrect doll> am\nt1  7ii7 no s+le    
am\nt 9 error diff]s f ! correct am\nt  
by m ?an #ajj1 &  7iii7 no s+le am\nt   

report$ = tax )held on any in=mation    
return diff]s f ! correct am\nt by m ?an
 #be1  !n no correction %all be requir$ 
&1 = purposes ( ?is section1 su* return 
%all be treat$ z hav+ be5 fil$ ) all ( !
 correct requir$ in=mation4  7,b7       
,exception ,subp>agraph 7,a7 %all n     
apply ) respect to any incorrect doll>  
am\nt to ! ext5t t su* error relates to 
an am\nt ) respect to :i* an election is
 made "u section #fgbb7;c77#c77;,b74    
7,c7 ,regulatory au?ority ,! ,secret>y  
may issue regulations to prev5t ! abuse 
( ! safe h>bor "u ?is p>agraph1 includ+ 
regulations provid+ t ?is p>agraph %all 
n apply to ! ext5t necess>y to prev5t   
any su* abuse4  4  7b7 ,failure ,to     
furni% correct payee /atem5t ,section   
#fgbb7;c7 ( su* ,code is am5d$ by add+  
at ! end ! foll[+ new p>agraph3  7#c7   
,safe h>bor = c]ta9 de m9imis errors    
7,a7 ,9 g5]al ,if1 ) respect to any     
payee /atem5t--  7i7 !re are #a or m    
failures describ$ 9 subsection          
7a77#b77;,b7 relat+ to an incorrect     

doll> am\nt1  7ii7 no s+le am\nt 9 error
 diff]s f ! correct am\nt by m ?an #ajj1
 &  7iii7 no s+le am\nt report$ = tax   
)held on any in=mation return diff]s f !
 correct am\nt by m ?an #be1  !n no     
correction %all be requir$ &1 = purposes
 ( ?is section1 su* /atem5t %all be     
treat$ z hav+ be5 fil$ ) all ( ! correct
 requir$ in=mation4  7,b7 ,exception    
,subp>agraph 7,a7 %all n apply to any   
payee /atem5t if ! p]son to :om su*     
/atem5t is requir$ to be furni%$ makes  
an election 7at su* "t & 9 su* mann] z !
 ,secret>y may prescribe7 t subp>agraph 
7,a7 n apply ) respect to su* /atem5t4  
7,c7 ,regulatory au?ority ,! ,secret>y  
may issue regulations to prev5t ! abuse 
( ! safe h>bor "u ?is p>agraph1 includ+ 
regulations provid+ t ?is p>agraph %all 
n apply to ! ext5t necess>y to prev5t   
any su* abuse4  4  7c7 ,application to  
brok] report+ ( basis ,section          
#fjde7;g77#b77;,b7 ( su* ,code is am5d$ 
by add+ at ! end ! foll[+ new clause3   
7iii7 ,treatm5t ( uncorrect$ de m9imis  

errors ,except z o!rwise provid$ by !   
,secret>y1 ! cu/om]'s adju/$ basis %all 
be det]m9$ by treat+ any incorrect doll>
 am\nt :i* is n requir$ to be correct$  
by reason ( section #fgba7;c77#c7 z !   
correct am\nt4  4  7d7 ,con=m+ am5dm5ts 
7#a7 ,section #fgba7;c7 ( su* ,code is  
am5d$ by /rik+ ,exception = de m9imis   
failures to include all requir$         
in=mation 9 ! head+ & ins]t+ ,exceptions
 = c]ta9 de m9imis failures4  7#b7      
,section #fgba7;c77#a7 ( su* ,code is   
am5d$ by /rik+ ,9 g5]al 9 ! head+ &     
ins]t+ ,exception = de m9imis failure to
 include all requir$ in=mation4  7e7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to returns requir$ to
 be fil$1 & payee /atem5ts requir$ to be
 provid$1 on or aft] ! date ( ! enactm5t
 ( ?is ,act4