,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #cecj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ah1 #bjbc,mr4   
,pappas 7= himself & ,mr4 ,kildee7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to increase ! de m9imis   
exception = ?ird p>ty settlem5t         
organizations to #e1jjj1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,cut ,r$ ,tape ,= ,onl9e   
,sales ,act4  #b4 ,modification (       
exception = report+ ( ?ird p>ty network 
transactions  7a7 ,9 g5]al ,section     
#fjej,w7e7 ( ! ,int]nal ,rev5ue ,code ( 
#aihf is am5d$ by /rik+ exce$ #fjj &    
ins]t+ equal or exce$ #e1jjj4  7b7      
,effective date ,! am5dm5t made by ?is  
section %all apply to returns = cal5d>  
ye>s beg9n+ aft] ,decemb] #ca1 #bjba4   
#c4 ,pla9 language notice to payees     
reg>d+ =m #ajii-,k  7a7 ,9 g5]al        
,section #fjej,w ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by r$esignat+    

subsection 7g7 z subsection 7h7 & by    
ins]t+ aft] subsection 7f7 ! foll[+3    
7g7 ,pla9 language description requir$  
,e p]son requir$ to furni% a writt5     
/atem5t "u subsection 7f7 %all          
simultane\sly issue to ! recipi5t ( su* 
/atem5t a pla9 language notice expla9+ !
 cont5ts ( su* /atem5t1 ei!r ?r\gh us+ a
 ,=m or notice issu$ by ! ,int]nal      
,rev5ue ,s]vice or by provid+ a writt5  
explanation t is sub/antially simil> 9  
cont5t to pla9 language on ! ,=m or     
notice issu$ by ! ,int]nal ,rev5ue      
,s]vice4  4  7b7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
to /atem5ts issu$ 9 taxable ye>s beg9n+ 
aft] ! date ( ! enactm5t ( ?is section4 
7c7 ,e/abli%m5t ( notice to taxpay]s )  
respect to =m #ajii-,k  7#a7 ,9 g5]al ,n
 lat] ?an #ij days aft] ! date ( !      
enactm5t ( ?is section1 ! ,secret>y ( ! 
,treasury 7or ! ,secret>y's delegate7   
%all am5d ,=m #ajii-,k to include1 9    
pla9 language1 a notice ) respect to su*
 ,=m :i*-- 7,a7 directs payees to ref]  

to ! in/ructions = su* ,=m to det]m9e if
 a tax return mu/ be fil$1  7,b7        
summ>izes rules = taxability ( income   
report$ on su* ,=m1 includ+ z to "u :at 
circum/ances-- 7i7 income report$ on su*
 ,=m may be subject to tax1 &  7ii7     
income f p]sonal items sold at a loss or
 = no ga9 may n be subject to tax1 &    
7,c7 provides a rem9d] to p>ticipat+    
payees t !y may qualify = relevant small
 bus9ess d$uctions4  ,su* notice %all be
 simil> 9 =m to ! ,notice to ,employee  
includ$ 9 ,=m ,w-#b 7z 9 effect on !    
date ( ! enactm5t ( ?is ,act7 & %all    
also be issu$ z a /&-alone fli]4  7#b7  
,regulations & guidance ,! ,secret>y ( !
 ,treasury may prescribe su* regulations
 or o!r guidance z may be necess>y or   
appropriate to c>ry out ?is subsection4 
#d4 ,application ( backup )old+ )       
respect to ?ird p>ty network            
transactions  7a7 ,9 g5]al ,section     
#cdjf7;b7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#h7 ,o!r reportable    

paym5ts include paym5ts 9 settlem5t (   
?ird p>ty network transactions only :]e 
aggregate = cal5d> ye> is #e1jjj or m   
,any paym5t 9 settlem5t ( a ?ird p>ty   
network transaction requir$ to be %[n on
 a return requir$ "u section #fjej,w :i*
 is made dur+ any cal5d> ye> %all be    
treat$ z a reportable paym5t only if--  
7,a7 ! aggregate am\nt ( su* paym5t &   
all previ\s su* paym5ts made by ! ?ird  
p>ty settlem5t organization to !        
p>ticipat+ payee dur+ su* cal5d> ye>    
equals or exce$s #e1jjj1 or  7,b7 ! ?ird
 p>ty settlem5t organization 0 requir$  
"u section #fjej,w to file a return = ! 
prec$+ cal5d> ye> ) respect to paym5ts  
to ! p>ticipat+ payee4  4  7b7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to cal5d> ye>s beg9n+
 aft] ,decemb] #ca1 #bjba4  7c7         
,transitional rule = #bjbb ,9 ! case (  
paym5ts made dur+ cal5d> ye> #bjbb1     
section #cdjf7;b77#h77;,a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf 7z add$ by ?is    
section7 %all be appli$ by ins]t+ & !   

aggregate numb] ( ?ird p>ty network     
transactions settl$ by ! ?ird p>ty      
settlem5t organization ) respect to !   
p>ticipat+ payee dur+ su* cal5d> ye>    
exce$s #bjj be=e ! comma at ! end4