Page:United States Statutes at Large Volume 94 Part 3.djvu/854

 94 STAT. 3498

26 USC 3402.

"Third-party sick pay." Ante, p. 3497. 26 USC 3401 et seq.

26 USC 6041. 26 USC 6674, 7204.

PUBLIC LAW 96-601—DEC. 24, 1980 employee, such person shall, on or before January 15 of the succeeding year, furnish a written statement to the employer in respect of whom such payment wsis made showing— "(i) the name and, if there is withholding under section 3402(o), the social security number of such employee, "(ii) the total amount of the third-party sick pay paid to such employee during the calendar year, and "(iii) the total amount (if any) deducted and withheld from such sick pay under section 3402. For purposes of the preceding sentence, the term 'thirdparty sick pay' means any sick pay (as defined in section 3402(o)(2)(C)) which does not constitute wages for purposes of chapter 24 (determined without regard to section 342(o)(l)). "(B) SPECIAL RULES.— "(i) STATEMENTS ARE IN UEU OP OTHER REPORTING

REQUIREMENTS.—The reporting requirements of subparagraph (A) with respect to any payments shall, with respect to such payments, be in lieu of the requirements of subsection (a) and of section 6041. "(ii) PENALTIES MADE APPLICABLE.—For purposes of sections 6674 and 7204, the statements required to be furnished by subparagraph (A) shall be treated as statements required under this section to be furnished to employees.

"(2) INFORMATION REQUIRED TO BE FURNISHED BY EMPLOYER.—

26 USC 104.

26 USC 3402 note.

Every employer who receives a statement under paragraph (1)(A) with respect to sick pay paid to any employee during any calendar year shall, on or before January 31 of the succeeding year, furnish a written statement to such employee showing— "(A) the information shown on the statement furnished under paragraph (I)(A), and "(B) if any portion of the sick pay is excludable from gross income under section 104(a)(3), the portion which is not so excludable and the portion which is so excludable. To the extent practicable, the information required under the preceding sentence shall be furnished on or with the statement (if any) required under subsection (a).", (f) EFFECTIVE DATE.--The amendments made by this section shall apply to payments made on or after the first day of the first calendar month beginning more than 120 days after the date of the enactment of this Act. SEC. 5. RHODE ISLAND INDIAN CLAIMS SETTLEMENT ACT.

25 USC 1701 note.

(a) IN GENERAL.—The Rhode Island Indian Claims Settlement Act (Public Law 95-395) is amended by adding at the end thereof the following new title: "TITLE H—TAX TREATMENT

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EXEMPTION FROM TAXATION

25 USC 1715.

"SEC. 201. (a) Except as otherwise provided in subsections (b) and (c), the settlement lands received by the State Corporation shall not be subject to any form of Federal, State, or local taxation while held by the State Corporation. "(b) The exemption provided in subsection (a) shall not apply to any income-producing activities occurring on the settlement lands.

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