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Reinstatement of Higher Reporting Threshold for Third Party Settlement Organizations

This bill amends the Internal Revenue Code to reinstate the exception for de minimis payments by third-party settlement organizations as it existed prior to the American Rescue Plan Act. Under the bill, reporting is required only if the aggregate amount of transactions exceeds $20,000 and the aggregate number of transactions exceeds 200. It also applies these thresholds to backup withholding requirements for calendar years beginning after December 31, 2024.
Key points
Reinstates the reporting threshold for third-party settlement organizations to transactions exceeding $20,000 and 200 transactions.
Modifies the Internal Revenue Code to reflect the rules in effect prior to the American Rescue Plan Act.
Applies these de minimis thresholds to backup withholding requirements starting in 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1882
Sponsor: Rep. Miller, Carol D. [R-WV-1]
Process start date: 2025-03-05
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Saving Gig Economy Taxpayers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1882.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-03-05.

What are the main provisions?

Key points include:

  • Reinstates the reporting threshold for third-party settlement organizations to transactions exceeding $20,000 and 200 transactions.
  • Modifies the Internal Revenue Code to reflect the rules in effect prior to the American Rescue Plan Act.
  • Applies these de minimis thresholds to backup withholding requirements starting in 2025.
What is the specific legal status?

The current status is Introduced.

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 Rep. Miller, Carol D. [R-WV-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy