Section 1 Short title
This Act may be cited as the “Saving Gig Economy Taxpayers Act”.
Saving Gig Economy Taxpayers Act
A BILL
To amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act.
Sec. 2 Reinstatement of exception for de minimis payments as in effect prior to enactment of American Rescue Plan Act
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.”
Effective date— The amendment made by this section shall take effect as if included in section 9674 of the American Rescue Plan Act.