Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Committee on Banking, Housing and Urban Affairs, cosponsored the Stop the Nosy Obsession with Online Payments (SNOOP) Act.
The bill would repeal an American Rescue Plan Act (ARPA) tax provision requiring third-party payment platforms to report business transactions of over $600 to the Internal Revenue Service (IRS). Instead, the SNOOP Act would establish a minimum yearly reporting threshold of $20,000 totaled across at least 200 transactions.
“Small business owners and independent contractors need rescuing from this American Rescue Plan Act provision, which, fortunately, has yet to be implemented by the IRS. Our bill would prevent enforcement of the onerous regulation and institute a more reasonable reporting threshold,” said Senator Cramer. “This invasion of taxpayer privacy is another example of overreach by the Administration and should be stopped in its tracks.”
Senator Cramer is joined by Senators John Hoeven (R-ND), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Ted Cruz (R-TX), John Kennedy (R-LA), John Barrasso (R-WY), and James Lankford (R-OK).