A bill to amend the Internal Revenue Code of 1954 to increase the penalty for failure to file certain information returns, and for other purposes.

Summary

Amends the Internal Revenue Code to: (1) increase from $1 to $50 the penalty on businesses for each failure to file a statement of payments made to persons in the course of business; and (2) increase from $1,000 to $25,000 the total amount imposed for all such failures during the calendar year. Removes the exemption from such filing requirements with respect to payments made to a corporation after December 31, 1980.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 27 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 August 1981

   Committee

   See H.R.4242.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 27 January 1981

  Open at official source

Sponsors

• Rep. Gibbons, Sam [D-FL-7] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Economic Recovery Tax Act of 1981