Bill > HR1093

This bill amends the Internal Revenue Code to increase the dollar threshold for information reporting requirements related to payments for qualified natural disaster expenses. Specifically, the bill raises the reporting threshold from $600 to $5,000 for both trade or business payments and payments for services. A "qualified natural disaster expense" is defined as either an expense incurred to mitigate risks posed to real property by natural disasters or extreme weather, or an expense incurred to repair damage done to real property by such events. This means that businesses would no longer be required to file information returns for payments related to natural disaster property protection or repairs that are under $5,000, potentially reducing paperwork and administrative burden for businesses dealing with property damage from natural disasters. The changes would apply to amounts paid or incurred after the date of the bill's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1093/all-info