ANNUAL REPORTS ON TRANSACTIONS IN WHICH FEDERAL FINANCIAL ASSISTANCE PROVIDED.

SEC. 1403. ANNUAL REPORTS ON TRANSACTIONS IN WHICH FEDERAL FINANCIAL ASSISTANCE PROVIDED. (a) In General.—The Secretary of the Treasury or his delegate shall submit to the Senate and to the Committee on Ways and Means of the House of Representatives annual reports on— (1)(A) the transactions which occur during the year for which the report is made and with respect to which Federal financial assistance is provided; (B) the aggregate amount of Federal financial assistance provided with respect to such transactions; and (C) any tax benefits available by reason of such transactions; and (D) the aggregate amount of Federal financial assistance provided during such year, and the aggregate tax benefits utilized during such year, which are attributable to such transactions in prior years. (b) Definition.—For purposes of this section, the term “Federal financial assistance” means any assistance to which section 597 of the Internal Revenue Code of 1986 applies.