SNOOP Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the SNOOP Act of 2025, aims to restore a previous provision of the Internal Revenue Code that limits reporting requirements for third-party settlement organizations handling payment card and network transactions. Specifically, it adjusts the thresholds for reporting these transactions, reducing the reporting burden for smaller transactions. The bill also modifies backup withholding rules to align with these reporting thresholds.
Key provisions
- Reinstates a de minimis exception for third party settlement organizations reporting payment card and network transactions.
- Sets reporting thresholds at $20,000 in aggregate amount and 200 transactions.
- Modifies backup withholding rules for payments in settlement of third party network transactions.
- Establishes a threshold for reporting payments based on the number and amount of transactions in the preceding year.
- Provides an exception to the reporting threshold if reportable payments were made in the prior year.
Who is affected
- Payment card companies
- Third-party network transaction processors
- Businesses that accept payment cards
- Taxpayers
- The Internal Revenue Service
Notable changes
- Reverses changes made by the American Rescue Plan Act regarding reporting of payment card and network transactions.
Bill text
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Sponsors
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9 on record
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Cosponsors
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