To amend the Internal Revenue Code of 1986 to increase the de minimis exception for third party settlement organizations to $5,000, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to increase the de minimis exception for third party settlement organizations to $5,000, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Immigration.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H171D39695DAD414788783EE36268C5B7: 1. Short title This Act may be cited as the Cut Red Tape For Online Sales Act.
- Section H4FC79F1A06694A838BD1B3D46A61917B: 2. Modification of exception for reporting of third party network transactions Section 6050W(e) of the Internal Revenue Code of 1986 is amended by striking...
- Section HFA2CE1098EFD4424928A8305F3C85FD5: 3. Plain language notice to payees regarding form 1099–K Section 6050W of the Internal Revenue Code of 1986 is amended by redesignating subsection (g) as...
- Section HAE700D026EB2469CB457ED74DBF3E4CB: 4. Application of backup witholding with respect to third party network transactions Section 3406(b) of the Internal Revenue Code of 1986 is amended by adding...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to increase the de minimis exception for third party settlement organizations to $5,000, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Immigration
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to increase the de minimis exception for third party settlement organizations to $5,000, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Pappas (for himself and Mr. Kildee) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "secretary_of_treasury"
- → Secretary of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology