Red Tape Reduction Act of 2025

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 1425 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 1425 To amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 10, 2025 Mr. Cassidy (for himself and Ms. Hassan) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Red Tape Reduction Act of 2025''. SEC. 2. REINSTATEMENT OF EXCEPTION FOR DE MINIMIS PAYMENTS AS IN EFFECT PRIOR TO ENACTMENT OF AMERICAN RESCUE PLAN ACT. (a) In General.--Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: ``(e) Excepti…