Red Tape Reduction Act of 2023
- Last Action
- 5/18/2023
Actions
- 2023-05-18Read twice and referred to the Committee on Finance.
- 2023-05-18Introduced in Senate
CRS Summary
As of 2023-05-18 (00)
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.
Cosponsors (1)
- Bill Cassidy (R-LA)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.