S 3546 117th Congress Senate Taxation

SNOOP Act of 2022

Introduced: February 1, 2022 Introduced by: Hagerty, Bill Republican · Tennessee See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 1, 2022

Read twice and referred to the Committee on Finance.

Feb 1, 2022

Introduced in Senate

Plain-English summary Congressional Research Service

Stop the Nosy Obsession with Online Payments Act of 2022 or the SNOOP Act of 2022

This bill modifies requirements for third party settlement organizations to eliminate their reporting requirement with respect to the transactions of their participating payees unless they have earned more than $20,000 on more than 200 separate transactions in an applicable tax period. A third party settlement organization is the central organization that has the contractual obligation to make payments to participating payees (generally, a merchant or business) in a third party payment network.

This reverses a provision in the American Rescue Plan Act of 2021 that lowered the reporting threshold to $600 with no minimum on the number of transactions.

What's happening now February 1, 2022

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1