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119-s-1375119th CongressWALLET

SNOOP Act of 2025

Sponsored By: Senator Hagerty, Bill [R-TN]

Introduced

Summary

Reinstates the $20,000 and 200-transaction de minimis reporting threshold for third-party settlement organizations. The bill would limit when marketplaces and payment processors must file information returns under IRC 6050W and would extend the same de minimis rule to backup withholding under IRC 3406, with a prior-year exception to avoid retroactive withholding.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Lower reporting for platform sellers

If enacted, third-party settlement organizations would report a seller's platform payments in a year only when two tests are met. The tests are: more than $20,000 in payments and more than 200 transactions in that year. The bill would apply the same two-part test before backup withholding. There is an exception if any payments were reportable in the prior year. These changes would apply to calendar years starting after December 31, 2024 and would reinstate the pre-ARPA thresholds.

Sponsors & CoSponsors

Sponsor

Hagerty, Bill [R-TN]

TN • R

Cosponsors

  • Sen. Hoeven, John [R-ND]

    ND • R

    Sponsored 6/2/2025

  • Sen. Grassley, Chuck [R-IA]

    IA • R

    Sponsored 6/10/2025

  • Sen. Tuberville, Tommy [R-AL]

    AL • R

    Sponsored 6/10/2025

  • Sen. Blackburn, Marsha [R-TN]

    TN • R

    Sponsored 6/11/2025

  • Sen. Banks, Jim [R-IN]

    IN • R

    Sponsored 6/18/2025

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 6/25/2025

  • Sen. Barrasso, John [R-WY]

    WY • R

    Sponsored 7/10/2025

  • Sen. Hyde-Smith, Cindy [R-MS]

    MS • R

    Sponsored 7/21/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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