[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4336]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5406. Mr. HAGERTY submitted an amendment intended to be proposed 
to amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 5376, to 
provide for reconciliation pursuant to title II of S. Con. Res. 14; 
which was ordered to lie on the table; as follows:

        Strike section 13301 and insert the following:

     SEC. _____. 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.
                                 ______