S 1761
118th Congress
Senate
Taxation
Red Tape Reduction Act of 2023
Introduced: May 30, 2023
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 30, 2023
Read twice and referred to the Committee on Finance.
May 30, 2023
Introduced in Senate
Plain-English summary
Red Tape Reduction Act of 2023
This bill modifies the reporting requirements for payments made in settlement of payment card and third party network transactions. Under current law, settlement organizations are not required to report information for transactions that do not exceed $600. This bill increases the reporting threshold so that settlement organizations are exempt from reporting requirements if the applicable transactions do not exceed $10,000, or there are no more that 50 such transactions.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1