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Modification of Reporting Thresholds for Third Party Network Transactions

This bill amends the Internal Revenue Code of 1986 to repeal amendments made by the American Rescue Plan Act of 2021 regarding the reporting of third-party network transactions. Under the bill, third-party settlement organizations are required to report information only if the amount of a participating payee's transactions exceeds $20,000 and the aggregate number of such transactions exceeds 200.
Key points
Repeals reporting amendments made by the American Rescue Plan Act of 2021.
Sets the reporting requirement for third-party settlement organizations to apply only if transactions exceed $20,000 and 200 in number.
The amendments apply to returns for calendar years beginning after December 31, 2021.
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Expired
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Additional Information
Print number: 118_S_26
Sponsor: Sen. Hagerty, Bill [R-TN]
Process start date: 2023-01-23
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OFFICIAL LEGAL TITLE

SNOOP Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_26.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-01-23.

What are the main provisions?

Key points include:

  • Repeals reporting amendments made by the American Rescue Plan Act of 2021.
  • Sets the reporting requirement for third-party settlement organizations to apply only if transactions exceed $20,000 and 200 in number.
  • The amendments apply to returns for calendar years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Hagerty, Bill [R-TN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy