[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6223 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 6223

To amend the Internal Revenue Code of 1986 to remove a requirement for 
    payment settlement entities to file returns relating to certain 
                         participating payees.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 3, 2023

  Mr. Perry introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to remove a requirement for 
    payment settlement entities to file returns relating to certain 
                         participating payees.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1099K Elimination Act of 2023''.

SEC. 2. REPEAL OF REQUIREMENT FOR RETURNS RELATING TO PAYMENTS MADE IN 
              SETTLEMENT OF PAYMENT CARD AND THIRD PARTY NETWORK 
              TRANSACTIONS.

    (a) In General.--Subpart B of part III of subchapter A of chapter 
61 of the Internal Revenue Code of 1986 is amended by striking section 
6050W (and by striking the item relating to such section in the table 
of sections for such subpart).
    (b) Conforming Amendments.--
            (1) Section 3406(b)(3) of such Code is amended by inserting 
        ``or'' at the end of subparagraph (D), by striking the ``, or'' 
        at the end of subparagraph (E) and inserting a period, and by 
        striking subparagraph (F).
            (2) Section 6724(d) of such Code is amended--
                    (A) in paragraph (1)(B), by striking clause 
                (xxiii), and
                    (B) in paragraph (2), by striking subparagraph 
                (FF).
    (c) Effective Date.--The amendments made by this section shall 
apply to returns for calendar years beginning after the date of the 
enactment of this section.
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