118 S1725 IS: Red Tape Reduction Act of 2023 U.S. Senate 2023-05-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 1725IN THE SENATE OF THE UNITED STATESMay 18, 2023Mr. Brown (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations.

1.

Short title

This Act may be cited as the Red Tape Reduction Act of 2023.

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.