H.R. 3425, Saving Gig Economy Taxpayers Act
Summary
H.R. 3425, the Saving Gig Economy Taxpayers Act, is a bill to amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions. The exception is restored as in effect prior to the enactment of the American Rescue Plan Act. Mrs. Miller of West Virginia introduced it in the House of Representatives on May 20, 2021, and it was referred to the Committee on Ways and Means. The text amends section 6050W(e) of the Internal Revenue Code of 1986.
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“H.R. 3425, Saving Gig Economy Taxpayers Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr3425ih-bills-117hr3425ih/
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I
117TH CONGRESS
1ST SESSION
H. R. 3425
To amend the Internal Revenue Code of 1986 to reinstate the exception
for de minimis payments by third party settlement organizations with
respect to returns relating to payments made in settlement of payment
card and third party network transactions, as in effect prior to the
enactment of the American Rescue Plan Act.
IN THE HOUSE OF REPRESENTATIVES
MAY 20, 2021
Mrs. MILLER of West Virginia 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 reinstate
the exception for de minimis payments by third party
settlement organizations with respect to returns relating
to payments made in settlement of payment card and
third party network transactions, as in effect prior to
the enactment of the American Rescue Plan Act.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Saving Gig Economy
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5 Taxpayers Act’’.
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2
1 SEC. 2. REINSTATEMENT OF EXCEPTION FOR DE MINIMIS
2 PAYMENTS AS IN EFFECT PRIOR TO ENACT-
3 MENT OF AMERICAN RESCUE PLAN ACT.
4 (a) IN GENERAL.—Section 6050W(e) of the Internal
5 Revenue Code of 1986 is amended to read as follows:
6 ‘‘(e) EXCEPTION FOR DE MINIMIS PAYMENTS BY
7 THIRD PARTY SETTLEMENT ORGANIZATIONS.—A third
8 party settlement organization shall be required to report
9 any information under subsection (a) with respect to third
10 party network transactions of any participating payee only
11 if—
12 ‘‘(1) the amount which would otherwise be re-
13 ported under subsection (a)(2) with respect to such
14 transactions exceeds $20,000, and
15 ‘‘(2) the aggregate number of such transactions
16 exceeds 200.’’.
17 (b) EFFECTIVE DATE.—The amendment made by
18 this section shall take effect as if included in section 9674
19 of the American Rescue Plan Act.
Æ
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