This bill aims to reverse changes made by the American Rescue Plan Act regarding the reporting of third-party payment network transactions. It specifically reinstates the prior de minimis exception, meaning third-party settlement organizations will only be required to report transactions for a participating payee if the aggregate amount exceeds $20,000 AND the aggregate number of transactions exceeds 200 . This change is made retroactive, taking effect as if it were included in the original American Rescue Plan Act. Furthermore, the legislation extends this de minimis rule to apply to backup withholding for these transactions, ensuring that backup withholding is only triggered when the same higher thresholds of $20,000 and 200 transactions are met. This provision for backup withholding will apply to calendar years beginning after December 31, 2024.