To protect American small businesses, gig workers, and freelancers by repealing the burdensome American Rescue Plan Act of 2021 transactions reporting threshold, and to rescind certain funding provided to the Internal Revenue Service under section 10301 of Public Law 117–169.
Summary
What This Bill Does
The bill requires repeal of modifications of exceptions for reporting of third party network transactions Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: (e)Exception for de minimis payments and provides rescission of certain funds for enhanced Internal Revenue Service resources Effective on the date of enactment of this Act, the unobligated balances of the amounts made available under the following provisions. It relies on reporting requirements, compliance mandates, exemptions, and appropriations. The main policy areas are Business and Finance.
Who Benefits and How
Businesses and employers affected by the bill could face lower compliance burdens and Public beneficiaries or protected communities affected by the clause could see lower costs.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Businesses and employers affected by the bill could lose revenue opportunities.
Key Provisions
- Requires repeal of modifications of exceptions for reporting of third party network transactions Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: (e)Exception for de minimis payments...
- Provides rescission of certain funds for enhanced Internal Revenue Service resources Effective on the date of enactment of this Act, the unobligated balances of the amounts made available under the following provisions...
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
The bill requires repeal of modifications of exceptions for reporting of third party network transactions Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: (e)Exception for de minimis payments and provides rescission of certain funds for enhanced Internal Revenue Service resources Effective on the date of enactment of this Act, the unobligated balances of the amounts made available under the following provisions.
Key Policy Areas
Business, Finance
Primary Purpose
The bill requires repeal of modifications of exceptions for reporting of third party network transactions Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: (e)Exception for de minimis payments and provides rescission of certain funds for enhanced Internal Revenue Service resources Effective on the date of enactment of this Act, the unobligated balances of the amounts made available under the following provisions.
Policy Domains
Whole bill
Identified Gains
- Businesses and employers affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedRead the second time and placed on the calendar
Mr. Scott of Florida (for himself, Mr. Budd, Mr. Braun, …
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?
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.
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