S. 3546 117th Congress Senate

SNOOP Act of 2022

Official title: A bill to amend the Internal Revenue Code of 1986 to repeal the amendments made to reporting of third party network transactions by the American Rescue Plan Act of 2021.

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

Taxation

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

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Latest action February 1, 2022

Read twice and referred to the Committee on Finance.

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.

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