1099K Elimination Act of 2023

Bill: 118-hr-6223
Sponsor: full_name: Rep. Perry, Scott [R-PA-10]
Introduced: 2023-11-03
Policy area: Taxation
Latest action: action_date: 2023-11-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-11-03
action_desc: Introduced in House
text: <p> <strong>1099K Elimination Act of 2023 </strong></p> <p>This bill repeals the requirement of filing informational returns relating to payments made in settlement of payment card and third party network transactions.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6223 IN THE HOUSE OF REPRESENTATIVES November 3, 2023 Mr. Perry introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to remove a requirement for payment settlement entities to file returns relating to certain participating payees.

1. Short title This Act may be cited as the 1099K Elimination Act of 2023 . 2. Repeal of requirement for returns relating to payments made in settlement of payment card and third party network transactions (a) In general Subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by striking section 6050W (and by striking the item relating to such section in the table of sections for such subpart). (b) Conforming amendments (1) Section 3406(b)(3) of such Code is amended by inserting or at the end of subparagraph (D), by striking the , or at the end of subparagraph (E) and inserting a period, and by striking subparagraph (F). (2) Section 6724(d) of such Code is amended— (A) in paragraph (1)(B), by striking clause (xxiii), and (B) in paragraph (2), by striking subparagraph (FF). (c) Effective date The amendments made by this section shall apply to returns for calendar years beginning after the date of the enactment of this section.