Red Tape Reduction Act of 2023

Bill: 118-s-1725
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2023-05-18
Policy area: Taxation
Latest action: action_date: 2023-05-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-05-18
action_desc: Introduced in Senate
text: <p> <strong>Red Tape Reduction Act of 2023 </strong></p> <p>This bill modifies the reporting requirements for payments made in settlement of payment card and third party network transactions. Under current law, settlement organizations are not required to report information for transactions that do not exceed $600. This bill increases the reporting threshold so that settlement organizations are exempt from reporting requirements if the applicable transactions do not exceed $10,000, or there are no more that 50 such transactions.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1725 IN THE SENATE OF THE UNITED STATES May 18, 2023 Mr. Brown (for himself and Mr. Cassidy ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations.

1. Short title This Act may be cited as the Red Tape Reduction Act of 2023 . 2. Modification of exception for de minimis payments by third party settlement organizations (a) In general Subsection (e) of section 6050W of the Internal Revenue Code of 1986 is amended by striking any participating payee if and all that follows and inserting “any participating payee if— (1) the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions does not exceed $10,000, or (2) the aggregate number of such transactions does not exceed 50. . (b) Effective date The amendment made by this section shall apply to transactions settled after December 31, 2023.