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Red Tape Reduction Act of 2023

USA118th CongressS-1725| Senate 
| Updated: 5/18/2023
Sherrod Brown

Sherrod Brown

Democratic Senator

Ohio

Cosponsors (1)
Bill Cassidy (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Red Tape Reduction Act of 2023 This bill modifies the reporting requirements for payments made in settlement of payment card and third party network transactions. Under current law, settlement organizations are not required to report information for transactions that do not exceed $600. This bill increases the reporting threshold so that settlement organizations are exempt from reporting requirements if the applicable transactions do not exceed $10,000, or there are no more that 50 such transactions.
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Timeline
May 18, 2023
Introduced in Senate
May 18, 2023
Read twice and referred to the Committee on Finance.
Jun 13, 2023

Latest Companion Bill Action

HR 118-4067
Introduced in House
  • May 18, 2023
    Introduced in Senate


  • May 18, 2023
    Read twice and referred to the Committee on Finance.


  • June 13, 2023

    Latest Companion Bill Action

    HR 118-4067
    Introduced in House

Taxation

Related Bills

  • S 118-1761: Red Tape Reduction Act of 2023

Red Tape Reduction Act of 2023

USA118th CongressS-1725| Senate 
| Updated: 5/18/2023
Red Tape Reduction Act of 2023 This bill modifies the reporting requirements for payments made in settlement of payment card and third party network transactions. Under current law, settlement organizations are not required to report information for transactions that do not exceed $600. This bill increases the reporting threshold so that settlement organizations are exempt from reporting requirements if the applicable transactions do not exceed $10,000, or there are no more that 50 such transactions.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 18, 2023
Introduced in Senate
May 18, 2023
Read twice and referred to the Committee on Finance.
Jun 13, 2023

Latest Companion Bill Action

HR 118-4067
Introduced in House
  • May 18, 2023
    Introduced in Senate


  • May 18, 2023
    Read twice and referred to the Committee on Finance.


  • June 13, 2023

    Latest Companion Bill Action

    HR 118-4067
    Introduced in House
Sherrod Brown

Sherrod Brown

Democratic Senator

Ohio

Cosponsors (1)
Bill Cassidy (Republican)

Finance Committee

Taxation

Related Bills

  • S 118-1761: Red Tape Reduction Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted