Saving Gig Economy Taxpayers Act

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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Saving Gig Economy 4 Taxpayers Act’’. 5 VerDate Sep 11 2014 05:26 Jun 22, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3425.IH H3425 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3425 IH SEC. 2. REINSTATEMENT OF EXCEPTION FOR DE MINIMIS 1 PAYMENTS AS IN EFFECT PRIOR TO ENACT- 2 MENT OF AMERICAN RESCUE PLAN ACT. 3 (a) IN GENERAL.—Section 6050W(e) of the Internal 4 Revenue Code of 1986 is amended to read as follows: 5 ‘‘(e) EXCEPTION FOR DE MINIMIS PAYMENTS BY 6 THIRD PARTY SETTLEMENT ORGANIZATIONS.—A third 7 party settlement organization shall be required to report 8 any information under subsection (a) with respect to third 9 party network transactions of any participating payee only 10 if— 11 ‘‘(1) the amount which would otherwise be re- 12 ported under subsection (a)(2) with respect to such 13 transactions exceeds $20,000, and 14 ‘‘(2) the aggregate number of such transactions 15 exceeds 200.’’. 16 (b) EFFECTIVE DATE.—The amendment made by 17 this section shall take effect as if included in section 9674 18 of the American Rescue Plan Act. 19 Æ VerDate Sep 11 2014 05:26 Jun 22, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3425.IH H3425 kjohnson on DSK79L0C42PROD with BILLS