| 1 | 1 | | I |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 488 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to repeal the amendments |
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| 6 | 6 | | made to reporting of third party network transactions by the American |
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| 7 | 7 | | Rescue Plan Act of 2021. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | JANUARY24, 2023 |
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| 10 | 10 | | Mrs. S |
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| 11 | 11 | | TEEL(for herself, Ms. SALAZAR, Mr. MCCLINTOCK, Mr. BURCHETT, |
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| 12 | 12 | | Mrs. M |
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| 13 | 13 | | ILLER-MEEKS, Mr. JOHNSONof Ohio, and Mr. CRENSHAW) intro- |
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| 14 | 14 | | duced the following bill; which was referred to the Committee on Ways |
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| 15 | 15 | | and Means |
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| 16 | 16 | | A BILL |
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| 17 | 17 | | To amend the Internal Revenue Code of 1986 to repeal |
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| 18 | 18 | | the amendments made to reporting of third party net- |
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| 19 | 19 | | work transactions by the American Rescue Plan Act |
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| 20 | 20 | | of 2021. |
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| 21 | 21 | | Be it enacted by the Senate and House of Representa-1 |
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| 22 | 22 | | tives of the United States of America in Congress assembled, 2 |
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| 23 | 23 | | SECTION 1. SHORT TITLE. 3 |
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| 24 | 24 | | This Act may be cited as the ‘‘Stop the Nosy Obses-4 |
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| 25 | 25 | | sion with Online Payments Act of 2023’’ or the ‘‘SNOOP 5 |
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| 26 | 26 | | Act of 2023’’. 6 |
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| 27 | 27 | | VerDate Sep 11 2014 03:47 Feb 04, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H488.IH H488 |
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| 28 | 28 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
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| 29 | 29 | | •HR 488 IH |
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| 30 | 30 | | SEC. 2. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 1 |
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| 31 | 31 | | REPORTING OF THIRD PARTY NETWORK 2 |
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| 32 | 32 | | TRANSACTIONS. 3 |
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| 33 | 33 | | (a) I |
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| 34 | 34 | | NGENERAL.—Section 6050W(e) of the Internal 4 |
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| 35 | 35 | | Revenue Code of 1986 is amended to read as follows: 5 |
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| 36 | 36 | | ‘‘(e) E |
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| 37 | 37 | | XCEPTION FOR DEMINIMISPAYMENTS BY 6 |
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| 38 | 38 | | T |
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| 39 | 39 | | HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 7 |
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| 40 | 40 | | party settlement organization shall be required to report 8 |
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| 41 | 41 | | any information under subsection (a) with respect to third 9 |
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| 42 | 42 | | party network transactions of any participating payee only 10 |
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| 43 | 43 | | if— 11 |
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| 44 | 44 | | ‘‘(1) the amount which would otherwise be re-12 |
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| 45 | 45 | | ported under subsection (a)(2) with respect to such 13 |
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| 46 | 46 | | transactions exceeds $20,000, and 14 |
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| 47 | 47 | | ‘‘(2) the aggregate number of such transactions 15 |
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| 48 | 48 | | exceeds 200.’’. 16 |
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| 49 | 49 | | (b) C |
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| 50 | 50 | | ONFORMING AMENDMENT.—Section 17 |
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| 51 | 51 | | 6050W(c)(3) of the Internal Revenue Code of 1986 is 18 |
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| 52 | 52 | | amended by striking ‘‘described in subsection 19 |
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| 53 | 53 | | (d)(3)(A)(iii)’’. 20 |
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| 54 | 54 | | (c) E |
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| 55 | 55 | | FFECTIVEDATE.— 21 |
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| 56 | 56 | | (1) I |
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| 57 | 57 | | N GENERAL.—The amendment made by 22 |
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| 58 | 58 | | subsection (a) shall apply to returns for calendar 23 |
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| 59 | 59 | | years beginning after December 31, 2021. 24 |
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| 60 | 60 | | (2) C |
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| 61 | 61 | | LARIFICATION.—The amendment made by 25 |
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| 62 | 62 | | subsection (b) shall apply to transactions after the 26 |
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| 63 | 63 | | VerDate Sep 11 2014 03:47 Feb 04, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H488.IH H488 |
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| 64 | 64 | | kjohnson on DSK79L0C42PROD with BILLS 3 |
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| 65 | 65 | | •HR 488 IH |
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| 66 | 66 | | date of the enactment of the American Rescue Plan 1 |
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| 67 | 67 | | Act of 2021. 2 |
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| 68 | 68 | | Æ |
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| 69 | 69 | | VerDate Sep 11 2014 03:47 Feb 04, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H488.IH H488 |
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| 70 | 70 | | kjohnson on DSK79L0C42PROD with BILLS |
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