; and (3) minimum required disclosures to account beneficiaries, including disclosures related to any possible losses that could be incurred in a qualified down payment savings account. . (b) Tax on excess contributions (1) In general Subsection (a) of section 4973 of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) a qualified down payment savings account (within the meaning of section 529B), . (2) Excess contribution Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess contributions to qualified down payment savings accounts For purposes of this section— (1) In general In the case of a qualified down payment savings account (within the meaning of section 529B), the term excess contributions means the amount by which the amount contributed for the taxable year to such account (other than contributions under section 529B(c)(3)(C)) exceeds the contribution limit under section 529B(b)(2)(B). (2) Special rule For purposes of this subsection, any contribution which is distributed out of the qualified down payment savings account in a distribution to which section 529B(c)(6)(C) applies shall be treated as an amount not contributed. . (c) Penalty for failure To file reports Section 6693(a)(2) is amended by striking and at the end of subparagraph (E), by redesignating subparagraph (F) as subparagraph (G), and by inserting after subparagraph (E) the following: (E) section 529B(d) (relating to qualified down payment savings programs), and . (d) Other conforming amendments (1) Section 26(b)(2) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (X), by striking the period at the end of subparagraph (Y) and inserting , and , and by inserting after subparagraph (Y) the following: (Z) section 529B(c)(6) (relating to additional tax on qualified down payment savings program distributions not