[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 948 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                 S. 948

 To protect American small businesses, gig workers, and freelancers by 
repealing the burdensome American Rescue Plan Act of 2021 transactions 
                          reporting threshold.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 24, 2021

  Mr. Scott of Florida introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To protect American small businesses, gig workers, and freelancers by 
repealing the burdensome American Rescue Plan Act of 2021 transactions 
                          reporting threshold.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF MODIFICATIONS 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) Effective Date.--The amendment made by this section shall apply 
to returns for calendar years beginning after December 31, 2021.
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