S.Amdt. 5406

SA 5406. Mr. HAGERTY submitted an amendment intended to be proposed
to amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 5376, to
provide for reconciliation pursuant to title II of S. Con. Res. 14;
which was ordered to lie on the table; as follows:

Strike section 13301 and insert the following:

SEC. _____. REPEAL OF MODIFICATION OF EXCEPTIONS FOR
REPORTING OF THIRD PARTY NETWORK TRANSACTIONS.

(a) In General.--Section 6050W(e) of the Internal Revenue
Code of 1986 is amended to read as follows:
``(e) Exception for De Minimis Payments by Third Party
Settlement Organizations.--A third party settlement
organization shall be required to report any information
under subsection (a) with respect to third party network
transactions of any participating payee only if--
``(1) the amount which would otherwise be reported under
subsection (a)(2) with respect to such transactions exceeds
$20,000, and
``(2) the aggregate number of such transactions exceeds
200.''.
(b) Conforming Amendment.--Section 6050W(c)(3) of the
Internal Revenue Code of 1986 is amended by striking
``described in subsection (d)(3)(A)(iii)''.
(c) Effective Date.--
(1) In general.--The amendment made by subsection (a) shall
apply to returns for calendar years beginning after December
31, 2021.
(2) Clarification.--The amendment made by subsection (b)
shall apply to transactions after the date of the enactment
of the American Rescue Plan Act of 2021.
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