[Congressional Record Volume 168, Number 199 (Wednesday, December 21, 2022)]
[Senate]
[Page S10016]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

       SA 6605. Mr. HAGERTY submitted an amendment intended to be proposed 
     by him to the bill H.R. 2617, to amend section 1115 of title 31, United 
     States Code, to amend the description of how performance goals are 
     achieved, and for other purposes; which was ordered to lie on the 
     table; as follows:
     
            At the end, add the following:
     
            DIVISION KK--REPORTING OF THIRD PARTY NETWORK TRANSACTIONS
     
          SEC. 1. SHORT TITLE.
     
            This division may be cited as the ``Stop the Nosy Obsession 
          with Online Payments Act of 2022'' or the ``SNOOP Act of 
          2022''.
     
          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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