summary
Introduced
06/09/2023
06/09/2023
In Committee
06/09/2023
06/09/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the threshold for requiring information reporting with respect to certain payees.
AI Summary
This bill, the Small Business Paperwork Savings Act, seeks to amend the Internal Revenue Code of 1986 to increase the threshold for requiring information reporting with respect to certain payees. Specifically, it would raise the reporting threshold from $600 to $5,000, and also provide for an annual inflation adjustment to that threshold starting in 2024. The bill would apply these changes to reporting on remuneration for services and direct sales, as well as to backup withholding requirements. The amendments made by this bill would apply to payments made after December 31, 2023.
Committee Categories
Budget and Finance
Sponsors (11)
David Schweikert (R)*,
Drew Ferguson (R),
Paul Gosar (R),
Bill Huizenga (R),
Carol Miller (R),
Adrian Smith (R),
Chris Smith (R),
Greg Steube (R),
Claudia Tenney (R),
Beth Van Duyne (R),
Brad Wenstrup (R),
Last Action
Referred to the House Committee on Ways and Means. (on 06/09/2023)
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/3991/all-info |
| BillText | https://www.congress.gov/118/bills/hr3991/BILLS-118hr3991ih.pdf |
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