Page:United States Statutes at Large Volume 96 Part 1.djvu/633

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 591

"CHAPTER 24—COLLECTION OF INCOME TAX AT SOURCE "SUBCHAPTER A. Withholding from wages. "SUBCHAPTER B. Withholding from interest and dividends.

"Subchapter A—Withholding From Wages'*. (5) The heading for chapter 25 is amended to read a s follows:

"CHAPTER 25—GENERAL PROVISIONS RELATING TO EMPLOYMENT TAXES AND COLLECTION OF INCOME TAXES AT SOURCE". (6) The table of chapter s for subtitle C is amended by striking out the items r e l a t i n g to chapter s 24 and 25 and inserting in lieu thereof the following: "CHAPTER 24. Collection of income tax at source. "CHAPTER 25. General provisions relating to employment taxes and collection of income taxes at source." SEC. 308. EFFECTIVE DATES; SPECIAL RULES.

26 USC 3451 note.

(a) IN GENERAL.—Except as otherwise provided in this section, the amendments m a d e by this part shall apply to payments of interest, dividends, and p a t r o n a g e dividends paid or credited after June 30, 1983. (b) DELAY I N APPLICATION TO CERTAIN P A Y O R S. — The Secretary of

the Treasury shall prescribe such regulations which delay (but not beyond December 31, 1983) the application of some or all of the provisions of subchapter B of chapter 24 of the I n t e r n a l Revenue Code of 1954 to any payor until such t i m e as such payor is able to comply without undue h a r d s h i p with the requirements of such provisions. (c) TEMPORARY RULE FOR CERTAIN W I T H H O L D I N G E X E M P T I O N S. —

U n t i l regulations a r e prescribed by the Secretary of the Treasury or his delegate under section 3452(c)(1)(B) of the I n t e r n a l Revenue Code of 1954 (as added by this part), the payor may t r e a t any person whose n a m e reasonably indicates that such person is described in paragraph (2) of section 3452(c) of such Code (other than subparagraph (J) or (K) thereof) as a n exempt recipient.

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(d) DELAY IN M A K I N G DEPOSITS.—The t i m e for making deposits

under section 6302 of the I n t e r n a l Revenue Code of 1954 of the tax imposed by section 3451 of such Code which is withheld by any person shall, to the e x t e n t provided in regulations, t a k e into account the cost to such person of instituting a withholding system in order to comply with subchapter B of chapter 24 of such Code.

Subtitle B — I m p r o v e d Information Reporting PART I—EXPANDED REPORTING SEC. 309. REPORTING OF INTEREST.

(a) GENERAL RULE.—Section 6049 (relating to r e t u r n s regarding payments of interest) is amended to read as follows:

26 USC 6049.

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