Page:United States Statutes at Large Volume 78.djvu/79

 78 STAT;]

PUBLIC LAW 88-272-FEB. 26, 1964

37

(c) INFORMATION Ep:roR'nNG.—

(1) REQIIKEMENT.—Subpart C of part 111 of subchapter A of oliapter (U (relating? to inforniation and returns) is amended by adding at the end thereof the following new section: "SEC. 6052. RETURNS REGARDING PAYMENT OF WAGES IN THE FORM OF GROUP-TERM LIFE INSURANCE. "(a)

26 us^c^eosl!'

REQUIREMENT OF REPORTING.—Every employer who during

any calendar year provides group-term life insurance on the life of an employee during part or all of such calendar year \mder a policy (or policies) carried directly or indirectly by such employer shall make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the cost of such insurance and the name and address of the employee on whose life such insurance is provided, but only to the extent that the cost of such insurance is includible in the employee's gross income under section 7&(a). For purposes of this section, the extent to which the cost of group-term life insurance is includible in the employee's gross income under section 79(a) shall be determined as if the employer were the only employer paying such employee renunieration in the form of such insurance.

^"P-36.

" (b) STATEMENTS TO B E FURNISUP^) TO EMPLOYEES W I J II RESPECT ro W H O M INFORMATION I S FURNISHED.—Every employer making a

return under subsection (a) shall furnish to each employee whose name' is set forth in such return a written statement showing the cost of the group-term life insurance shown on such return. The written statement required under the preceding sentence shall be furnished to the employee on or before January 81 of the year following the calendar year for which the return under subsection (a) was made." (2) PENALTIES FOR FAILURE TO FURNISH STATEMENTS TO PERSONS WITH RESPECT TO WHOM RETLTiNS ARE F I L E D. — S e c t i o n (i78 ( I ' e l a t - post^p.^y's!"^^'

ing to failure to furnish certain statements) is amended— (A) by striking out "or (5049(c)" and inserting in lieu thereof "6049(c), or 60.52(b)"; and (B) by striking out "or 6049(a)(1).*' and inseiting in lieu thereof "6049(a)(J), or 6052(a),". (8) CLERICAL AMENDMENT.—The table of sections for subpart ('of part 111 of subchapter A of chapter 61 is amended by adding at the end thereof the following: "Sec. 6.")2. Returns regarding payment of wajres in the form of group-term life insurance."

26 USC 6678. 26 USC 6049.

(4) CROSS REFERENCE.—

For penalty for failure to file information returns required by section 6052(a) of the Internal Revenue Code of 1954 (added by paragraph (1) of this subsection), see section 6652(a)(3) of such Code (as amended by section 221(b)(2) of this Act). (d) EFFEcriVE DATES.—The amendments made by subsections (a) and (c), and paragraph (8) of section 66o2(a) of the Internal Revenue Code of 19.54 (as amended by secti(m 221(b)(2) of this Act), ^ ° « ' ' P - '^^^ shall apply with respect to group-term life insurance pro\ided after December 81, 1968, in taxable years ending after such date. The amendments made by sul>section (b) shall apply with respect to remuneration paid after December 81, 1968. in the form of grouplerm life insurance proxided after such date. In applying section 79(b) of the Internal Revenue (xnle of 1954 (as added by subsection (a)(1) of this section) to a taxable year beginning before May 1, ^rxte, v 36. 1964. if jiaragraph (2)(B) of such section applies with respect to an j^niployee for the period beginning May 1. 1964, and ending with the dose of his first taxable year endnig after April 80, 1964, such paragraph (2)(B) shall be treated as applying with respect to such

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