Sec. 6302. Penalty for failure to file correct information returns and provide payee statements

356 words·~2 min read·/bill/113/hr/1/ih/section-6302

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Section 6721(a)(1) is amended— by striking $100 and inserting $250 , and by striking $1,500,000 and inserting $3,000,000 . Section 6721(b)(1) is amended— by striking $30 and inserting $50 , by striking $100 and inserting $250 , and by striking $250,000 and inserting $500,000 . Section 6721(b)(2) is amended— by striking $60 and inserting $100 , by striking $100 (prior to amendment by subparagraph (A)) and inserting $250 , and by striking $500,000 and inserting $1,500,000 . Section 6721(d)(1) is amended— in subparagraph (A)— by striking $500,000 and inserting $1,000,000 , and by striking $1,500,000 and inserting $3,000,000 , in subparagraph (B)— by striking $75,000 and inserting $175,000 , and by striking $250,000 and inserting $500,000 , and in subparagraph (C)— by striking $200,000 and inserting $500,000 , and by striking $500,000 (prior to amendment by subparagraph (A)) and inserting $1,500,000 .

Section 6721(e) is amended— by striking $250 in paragraph

(2)and inserting $500 , and by striking $1,500,000 in paragraph (3)(A) and inserting $3,000,000 . Section 6722(a)(1) is amended— by striking $100 and inserting $250 , and by striking $1,500,000 and inserting $3,000,000 . Section 6722(b)(1) is amended— by striking $30 and inserting $50 , by striking $100 and inserting $250 , and by striking $250,000 and inserting $500,000 . Section 6722(b)(2) is amended— by striking $60 and inserting $100 , by striking $100 (prior to amendment by clause (i)) and inserting $250 , and by striking $500,000 and inserting $1,500,000 . Section 6722(d)(1) is amended— in subparagraph (A)— by striking $500,000 and inserting $1,000,000 , and by striking $1,500,000 and inserting $3,000,000 , in subparagraph (B)— by striking $75,000 and inserting $175,000 , and by striking $250,000 and inserting $500,000 , and in subparagraph (C)— by striking $200,000 and inserting $500,000 , and by striking $500,000 (prior to amendment by subparagraph (A)) and inserting $1,500,000 . Section 6722(e) is amended— by striking $250 in paragraph

(2)and inserting $500 , and by striking $1,500,000 in paragraph (3)(A) and inserting $3,000,000 . The amendments made by this section shall apply with respect to returns and statements required to be filed after December 31, 2014.