1. Repeal of withholding and reporting with respect to certain foreign accounts (a) In general The Internal Revenue Code of 1986 is amended by striking chapter 4. (b) Conforming amendments for rules for electronically filed returns Section 6011(e)(4) of such Code is amended— (1) by inserting , as in effect on January 1, 2017 after (as defined in section 1471(d)(5) , and (2) by striking or 1474(a) . (c) Conforming amendment related to substitute dividends Section 871(m) of such Code is amended by striking chapters 3 and 4 both places it appears and inserting chapter 3 . (d) Other Conforming amendments (1) Section 6414 of such Code is amended by striking or 4 . (2) Paragraph (1) of section 6501(b) of such Code is amended by striking 4, . (3) Paragraph (2) of section 6501(b) of such Code is amended— (A) by striking 4, , and (B) by striking and witholding taxes in the heading and inserting taxes and tax imposed by chapter 3 . (4) Paragraph (3) of section 6513(b) of such Code is amended— (A) by striking or 4 , and (B) by striking or 1474(b) . (5) Section 6513(c) of such Code is amended by striking 4, . (6) Section 6611(e)(4) of the Internal Revenue Code of 1986 is amended by striking or 4 . (7) Paragraph (1) of section 6724(d) of such Code is amended by striking under chapter 4 or . (8) Paragraph (2) of section 6724(d) of such Code is amended by striking or 4 . (e) Effective date The amendments made by this section shall apply to payments made after the date of the enactment of this Act. 2. Repeal of information reporting with respect to foreign financial assets (a) In general Subpart A of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by striking section 6038D. (b) Repeal of modification of statute of limitations for significant omission of income in connection with foreign assets (1) Paragraph (1) of section 6501(e) of the Internal Revenue Code of 1986 is amended by striking subparagraph (A) and by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B),