[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1725 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 1725

To amend the Internal Revenue Code of 1986 to modify the exception for 
      de minimis payments by third party settlement organizations.


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                   IN THE SENATE OF THE UNITED STATES

                              May 18, 2023

Mr. Brown (for himself and Mr. Cassidy) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify the exception for 
      de minimis payments by third party settlement organizations.

    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 ``Red Tape Reduction Act of 2023''.

SEC. 2. MODIFICATION OF EXCEPTION FOR DE MINIMIS PAYMENTS BY THIRD 
              PARTY SETTLEMENT ORGANIZATIONS.

    (a) In General.--Subsection (e) of section 6050W of the Internal 
Revenue Code of 1986 is amended by striking ``any participating payee 
if'' and all that follows and inserting ``any participating payee if--
            ``(1) the amount which would otherwise be reported under 
        subsection (a)(2) with respect to such transactions does not 
        exceed $10,000, or
            ``(2) the aggregate number of such transactions does not 
        exceed 50.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to transactions settled after December 31, 2023.
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