1. Improved reporting of payments and financial disclosures (a) Reporting of applications for and payments received from the Federal Government (1) In general Section 101 of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by adding at the end the following: (j) (1) In this subsection— (A) the term covered payment — (i) means a payment of money or anything else of value made or promised to be by the Federal Government, including a loan agreement, contract, or grant (including relating to agricultural activity); (ii) includes any other type of payment of money or anything else of value as the Secretary of the Treasury, in consultation with the Director of the Office of Government Ethics, may by regulation establish; and (iii) does not include— (I) any salary or compensation for service performed as, or reimbursement of personal outlay by, an officer or employee of the Federal Government; or (II) any tax refund (including a refundable tax credit); and (B) the term covered person means a person described in paragraphs (1) through (10) of section 103(l). (2) Not later than 30 days after receiving notification of any application for or receipt of a covered payment by a covered person, the spouse of the covered person, or a dependent child of the covered person (including any business owned and controlled by the covered person, the spouse of the covered person, or a dependent child of the covered person), but in no case later than 45 days after the covered payment is made or promised to be made, the covered person shall file a report of the covered payment. . (2) Contents Section 102 of the Ethics in Government Act of 1978 (5 U.S.C. App.) is amended by adding at the end the following: (j) A report filed pursuant to section 101(j) shall— (1) identify the type of payment or thing of value applied for or received; (2) include the name of the recipient and the relation to the person required to file the report