Red Tape Reduction Act of 2023

United States118th CongressS-1725Senate
Updated: May 18, 2023

Summary

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.

Bill texts

Available versions
Introduced (Senate)View official text

1 version available

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Timeline

Latest companion bill action

HR-4067: Red Tape Reduction Act

Referred to the Committee on Oversight and Accountability, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Finance.

    Senate

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