SEC. 323. REPORTING REQUIREMENTS.
Title[ Title III\Subtitle C Contents
(a) In General.--Subpart B of part III of subchapter A of chapter 61
is amended by adding at the end the following new section:
``SEC. 6050Q. CERTAIN LONG-TERM CARE BENEFITS.
``(a) Requirement of Reporting.--Any person who pays long-term care
benefits shall make a return, according to the forms or regulations
prescribed by the Secretary, setting forth--
``(1) the aggregate amount of such benefits paid by such
person to any individual during any calendar year,
``(2) whether or not such benefits are paid in whole or in
part on a per diem or other periodic basis without regard to the
expenses incurred during the period to which the payments
relate,
``(3) the name, address, and TIN of such individual, and
``(4) the name, address, and TIN of the chronically ill or
terminally ill individual on account of whose condition such
benefits are paid.
``(b) Statements To Be Furnished to Persons With Respect to Whom
Information Is Required.--Every person required to make a return under
subsection (a) shall furnish to each individual whose name is required
to be set forth in such return a written statement showing--
``(1) the name of the person making the payments, and
``(2) the aggregate amount of long-term care benefits paid
to the individual which are required to be shown on such return.
The written statement required under the preceding sentence shall be
furnished to the individual on or before January 31 of the year
following the calendar year for which the return under subsection (a)
was required to be made.
``(c) Long-Term Care Benefits.--For purposes of this section, the
term `long-term care benefit' means--
``(1) any payment under a product which is advertised,
marketed, or offered as long-term care insurance, and
``(2) any payment which is excludable from gross income by
reason of section 101(g).''.
(b) Penalties.--
(1) Subparagraph (B) of section 6724(d)(1) is amended by
redesignating clauses (ix) through (xiv) as clauses (x) through
(xv), respectively, and by inserting after clause (viii) the
following new clause:
``(ix) section 6050Q (relating to certain
long-term care benefits),''.
(2) Paragraph (2) of section 6724(d) is amended by
redesignating subparagraphs (Q) through (T) as subparagraphs (R)
through (U), respectively, and by inserting after subparagraph
(P) the following new subparagraph:
``(Q) section 6050Q(b) (relating to certain long-
term care benefits),''.
(c) Clerical Amendment.--The table of sections for subpart B of part
III of subchapter A of chapter 61 is amended by adding at the end the
following new item:
``Sec. 6050Q. Certain long-term care benefits.''.
(d) Effective <<NOTE: 26 USC 6050Q note.>> Date.--The amendments
made by this section shall apply to benefits paid after December 31,
1996.
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