II
118THCONGRESS
1
STSESSION S. 26
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.
IN THE SENATE OF THE UNITED STATES
JANUARY23 (legislative day, JANUARY3), 2023
Mr. H
AGERTY(for himself, Ms. LUMMIS, Mr. CRUZ, Mr. HOEVEN, Mr.
C
RAMER, Mr. KENNEDY, Mr. BARRASSO, Mr. LANKFORD, and Mr.
B
RAUN) introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal
the amendments made to reporting of third party net-
work transactions by the American Rescue Plan Act
of 2021.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Stop the Nosy Obses-4
sion with Online Payments Act of 2023’’ or the ‘‘SNOOP 5
Act of 2023’’. 6
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SEC. 2. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 1
REPORTING OF THIRD PARTY NETWORK 2
TRANSACTIONS. 3
(a) I
NGENERAL.—Section 6050W(e) of the Internal 4
Revenue Code of 1986 is amended to read as follows: 5
‘‘(e) E
XCEPTION FOR DEMINIMISPAYMENTS BY 6
T
HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 7
party settlement organization shall be required to report 8
any information under subsection (a) with respect to third 9
party network transactions of any participating payee only 10
if— 11
‘‘(1) the amount which would otherwise be re-12
ported under subsection (a)(2) with respect to such 13
transactions exceeds $20,000, and 14
‘‘(2) the aggregate number of such transactions 15
exceeds 200.’’. 16
(b) C
ONFORMING AMENDMENT.—Section 17
6050W(c)(3) of the Internal Revenue Code of 1986 is 18
amended by striking ‘‘described in subsection 19
(d)(3)(A)(iii)’’. 20
(c) E
FFECTIVEDATE.— 21
(1) I
N GENERAL.—The amendment made by 22
subsection (a) shall apply to returns for calendar 23
years beginning after December 31, 2021. 24
(2) C
LARIFICATION.—The amendment made by 25
subsection (b) shall apply to transactions after the 26
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•S 26 IS
date of the enactment of the American Rescue Plan 1
Act of 2021. 2
Æ
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