118 S26 IS: Stop the Nosy Obsession with Online Payments Act of 2023 U.S. Senate 2023-01-23 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. 26IN THE SENATE OF THE UNITED STATESJanuary 23 (legislative day, January 3), 2023Mr. Hagerty (for himself, Ms. Lummis, Mr. Cruz, Mr. Hoeven, Mr. Cramer, Mr. Kennedy, Mr. Barrasso, Mr. Lankford, and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo 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.

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.

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.