[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 488 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 488

  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 HOUSE OF REPRESENTATIVES

                            January 24, 2023

  Mrs. Steel (for herself, Ms. Salazar, Mr. McClintock, Mr. Burchett, 
 Mrs. Miller-Meeks, Mr. Johnson of Ohio, and Mr. Crenshaw) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
  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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop the Nosy Obsession with Online 
Payments Act of 2023'' or the ``SNOOP Act of 2023''.

SEC. 2. REPEAL OF MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD 
              PARTY NETWORK TRANSACTIONS.

    (a) In General.--Section 6050W(e) of the Internal Revenue Code of 
1986 is amended to read as follows:
    ``(e) Exception for De Minimis Payments by Third Party Settlement 
Organizations.--A third party settlement organization shall be required 
to report any information under subsection (a) with respect to third 
party network transactions of any participating payee only if--
            ``(1) the amount which would otherwise be reported under 
        subsection (a)(2) with respect to such transactions exceeds 
        $20,000, and
            ``(2) the aggregate number of such transactions exceeds 
        200.''.
    (b) Conforming Amendment.--Section 6050W(c)(3) of the Internal 
Revenue Code of 1986 is amended by striking ``described in subsection 
(d)(3)(A)(iii)''.
    (c) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply to returns for calendar years beginning after December 
        31, 2021.
            (2) Clarification.--The amendment made by subsection (b) 
        shall apply to transactions after the date of the enactment of 
        the American Rescue Plan Act of 2021.
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