REPORTING REQUIREMENTS IN CONNECTION WITH EDUCATION TAX CREDIT.

SEC. 3712. REPORTING REQUIREMENTS IN CONNECTION WITH EDUCATION TAX CREDIT. (a) Amounts to be Reported.— Subparagraph (C) of section 6050S(b)(2) is amended— (1) by redesignating clauses (ii) and (iii) as clauses (iii) and (iv), respectively, and by inserting after clause (i) the following new clause: “(ii) the amount of any grant received by such individual for payment of costs of attendance and processed by the person making such return during such calendar year,”; (2) in clause (iii) (as so redesignated), by inserting “by the person making such return” after “year”; and (3) in clause (iv) (as so redesignated), by inserting “and” at the end. (b) Conforming Amendments.— 112 STAT. 782 (1) Paragraph (2) of section 6050S(d) is amended by striking “aggregate”. (2) Subsection (e) of section 6050S is amended by inserting “(without regard to subsection (g)(2) thereof)” after “section 25A”. (c) Effective Date.— The amendments made by this section shall apply to returns required to be filed with respect to taxable years beginning after December 31, 1998.