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Read twice and referred to the Committee on Finance.
Introduced April 9, 2025 by William Francis Hagerty · Last progress April 9, 2025
Restores the pre‑American Rescue Plan reporting rule for third‑party settlement organizations so they must file transaction reports for a participating payee only when annual payments exceed $20,000 and the number of transactions exceeds 200. It also amends the Internal Revenue Code so that settlement payments trigger backup‑withholding reporting only when both the annual transaction count and dollar‑value thresholds are exceeded (with a carve‑out if the payor had reportable payments to that payee in the prior year). The first change is treated as if it had been included in the earlier provision; the backup‑withholding rule starts for calendar years after Dec. 31, 2024.
