Merchant Category Code Neutrality Act This bill prohibits the Internal Revenue Service from auditing a taxpayer based primarily on the Merchant Category Codes, or other similar codes, used to classify the goods or services provided by the taxpayer's business. The bill defines Merchant Category Code to mean classification codes assigned by payment card organizations to merchants or payees that accept their payment cards to classify the goods or services provided or furnished by a merchant or payee.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (text: CR S861-862)
Introduced in Senate
Read twice and referred to the Committee on Finance. (text: CR S861-862)
Taxation
Merchant Category Code Neutrality Act
USA118th CongressS-898| Senate
| Updated: 3/21/2023
Merchant Category Code Neutrality Act This bill prohibits the Internal Revenue Service from auditing a taxpayer based primarily on the Merchant Category Codes, or other similar codes, used to classify the goods or services provided by the taxpayer's business. The bill defines Merchant Category Code to mean classification codes assigned by payment card organizations to merchants or payees that accept their payment cards to classify the goods or services provided or furnished by a merchant or payee.