S. 1761 — Introduced in Senate

II 118th CONGRESS 1st Session S. 1761 IN THE SENATE OF THE UNITED STATES May 30, 2023Mr. Brown (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations. 1. Short title This Act may be cited as the Red Tape Reduction Act of 2023 2. Modification of exception for de minimis payments by third party settlement organizations (a) In general Subsection (e) of section 6050W of the Internal Revenue Code of 1986 is amended by striking any participating payee if and all that follows and inserting “any participating payee if— (1) the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions does not exceed $10,000, or (2) the aggregate number of such transactions does not exceed 50. . (b) Effective date The amendment made by this section shall apply to transactions settled after December 31, 2022.