Red Tape Reduction Act of 2025
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- Senate
- Sponsors
- 2
- Latest action
- Apr 10, 2025
What it does
The Red Tape Reduction Act of 2025 would amend the Internal Revenue Code to reinstate a higher reporting threshold for third-party settlement organizations, requiring them to report de minimis payments only if the aggregate amount exceeds $10,000 or the number of transactions exceeds 50 in a calendar year. This change would affect third-party settlement organizations and participating payees involved in network transactions, such as those processed through platforms like PayPal or Venmo, by reducing the frequency of information reporting requirements. The bill also aligns backup withholding rules with these thresholds, applying the same criteria for determining when payments are subject to…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.