Internal Revenue Code:Sec. 6050M. Returns relating to persons receiving contracts from Federal executive agencies

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart B - Information Concerning Transactions With Other Persons
        

Statute

    Sec. 6050M. Returns relating to persons receiving contracts from
        Federal executive agencies
 
    (a) Requirement of reporting
      The head of every Federal executive agency which enters into any
    contract shall make a return (at such time and in such form as the
    Secretary may by regulations prescribe) setting forth -
        (1) the name, address, and TIN of each person with which such
      agency entered into a contract during the calendar year, and
        (2) such other information as the Secretary may require.
    (b) Federal executive agency
      For purposes of this section, the term ''Federal executive
    agency'' means -
        (1) any Executive agency (as defined in section 105 of title 5,
      United States Code) other than the General Accountability Office,
        (2) any military department (as defined in section 102 of such
      title), and
        (3) the United States Postal Service and the Postal Rate
      Commission.
    (c) Authority to extend reporting to licenses and subcontracts
      To the extent provided in regulations, this section also shall
    apply to -
        (1) licenses granted by Federal executive agencies, and
        (2) subcontracts under contracts to which subsection (a)
      applies.
    (d) Authority to prescribe minimum amounts
      This section shall not apply to contracts or licenses in any
    class which are below a minimum amount or value which may be
    prescribed by the Secretary by regulations for such class.
    (e) Exception for certain classified or confidential contracts
      (1) In general
        Except as provided in paragraph (2), this section shall not
      apply in the case of a contract described in paragraph (3).
      (2) Reporting requirement
        Each Federal executive agency which has entered into a contract
      described in paragraph (3) shall, upon a request of the Secretary
      which identifies a particular person, acknowledge whether such
      person has entered into such a contract with such agency and, if
      so, provide to the Secretary -
          (A) the information required under this section with respect
        to such person, and
          (B) such other information with respect to such person which
        the Secretary and the head of such Federal executive agency
        agree is appropriate.
      (3) Description of contract
        For purposes of this subsection, a contract between a Federal
      executive agency and another person is described in this
      paragraph if -
          (A) the fact of the existence of such contract or the subject
        matter of such contract has been designated and clearly marked
        or clearly represented, pursuant to the provisions of Federal
        law or an Executive order, as requiring a specific degree of
        protection against unauthorized disclosure for reasons of
        national security, or
          (B) the head of such Federal executive agency (or his
        designee) pursuant to regulations issued by such agency
        determines, in writing, that filing the required return under
        this section would interfere with the effective conduct of a
        confidential law enforcement or foreign counterintelligence
        activity.
 

Sources

    (Added Pub. L. 99-514, title XV, Sec. 1522(a), Oct. 22, 1986, 100
    Stat. 2747; amended Pub. L. 100-647, title I, Sec. 1015(f), Nov.
    10, 1988, 102 Stat. 3570.)
 

Miscellaneous

                                 AMENDMENTS
      1988 - Subsec. (e). Pub. L. 100-647 added subsec. (e).
                      EFFECTIVE DATE OF 1988 AMENDMENT
      Amendment by Pub. L. 100-647 effective, except as otherwise
    provided, as if included in the provision of the Tax Reform Act of
    1986, Pub. L. 99-514, to which such amendment relates, see section
    1019(a) of Pub. L. 100-647, set out as a note under section 1 of
    this title.
                               EFFECTIVE DATE
      Section 1522(c) of Pub. L. 99-514 provided that: ''The amendments
    made by this section (enacting this section) shall apply to
    contracts (and subcontracts) entered into, and licenses granted,
    before, on, or after January 1, 1987.''
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6041A, 6050P of this
    title.