Bill
Bill > HR488
summary
Introduced
01/24/2023
01/24/2023
In Committee
01/24/2023
01/24/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
an Act of 2021. IN THE HOUSE OF REPRESENTATIVES JANUARY 24, 2023 Mrs. STEEL (for herself, Ms. SALAZAR, Mr. MCCLINTOCK, Mr. BURCHETT, Mrs. MILLER-MEEKS, Mr. JOHNSON of Ohio, and Mr. CRENSHAW) 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 repeal the amendments made to reporting of third party network transactions by the American Rescue Plan Act of 2021.
AI Summary
This bill, the SNOOP Act of 2023 (Stop the Nosy Obsession with Online Payments Act of 2023), proposes to repeal the amendments made by the American Rescue Plan Act of 2021 regarding the reporting of third-party network transactions. The key provisions of this bill are:
1. It amends Section 6050W(e) of the Internal Revenue Code to reinstate the previous exception for de minimis payments by third-party settlement organizations, requiring them to report information under subsection (a) only if the amount exceeds $20,000 and the aggregate number of transactions exceeds 200.
2. It includes a conforming amendment to Section 6050W(c)(3) to remove the reference to the provision being repealed.
3. The amendments made by the bill would apply to returns for calendar years beginning after December 31, 2021, and the conforming amendment would apply to transactions after the date of enactment of the American Rescue Plan Act of 2021.
Committee Categories
Budget and Finance
Sponsors (11)
Michelle Steel (R)*,
Tim Burchett (R),
Dan Crenshaw (R),
Bill Johnson (R),
Mike Lawler (R),
Tracey Mann (R),
Tom McClintock (R),
Dan Meuser (R),
Mariannette Miller-Meeks (R),
David Rouzer (R),
María Salazar (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/24/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/488/all-info |
| BillText | https://www.congress.gov/118/bills/hr488/BILLS-118hr488ih.pdf |
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