H.R. 190: Saving Gig Economy Taxpayers Act
This bill, titled the Saving Gig Economy Taxpayers Act, aims to amend the Internal Revenue Code to simplify tax reporting requirements for certain payments made through third-party settlement organizations, particularly those associated with gig economy jobs. The main focus of the bill is on de minimis payments, which are small amounts of money that may not be significant enough to warrant detailed reporting.
Key Provisions
- Reinstatement of De Minimis Exception: The bill proposes to reinstate the previous exception for de minimis payments by third-party settlement organizations. Under the new provisions, these organizations would only need to report the income of their users when two specific conditions are met:
- Payments made exceed $20,000 in total.
- The total number of transactions surpasses 200.
- Effective Dates: The changes proposed by this bill would apply to tax returns for calendar years starting after December 31, 2021. This indicates that taxpayers who have income from these sources in the years after this date could benefit from the amended reporting requirements.
Target Audience
The legislation is particularly relevant for self-employed individuals and gig economy workers who receive payments for services through platforms that utilize third-party payment processors. This includes drivers for ride-sharing services, freelancers, and various other gig economy participants.Impact on Reporting
By lowering the threshold for when income must be reported, the bill aims to reduce the administrative burden on small earners in the gig economy. This means that individuals who earn below the specified thresholds (under $20,000 or fewer than 200 transactions) would not have to deal with the complexities of tax reporting associated with their earnings from these platforms.Overall Goal
The overall goal of the bill is to streamline the tax reporting process for individuals engaged in gig economy work by eliminating the need for extensive reporting on smaller amounts of income. This may aid in reducing confusion and compliance costs for taxpayers within this sector.Relevant Companies
- UBER: As a leading ride-sharing company, UBER could be significantly impacted by this legislation as it deals with many gig economy drivers who would benefit from simplified tax reporting.
- LYFT: Similar to UBER, LYFT's drivers would also experience easier tax handling under the proposed bill, potentially affecting the company’s operational landscape.
- AFRM: As a payment solution company, AFRM may see shifts in how transactions for gig economy workers are reported, influencing their processing and financial products.
- GOOGL: Google, owning platforms like YouTube that allow for gig earnings through content creation, could see implications for how those earnings are reported under this bill.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
49 bill sponsors
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TrackCarol D. Miller
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TrackJodey C. Arrington
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TrackStephanie I. Bice
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TrackAndy Biggs
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TrackVern Buchanan
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TrackKen Calvert
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TrackKat Cammack
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TrackMike Carey
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TrackBen Cline
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TrackJeff Duncan
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TrackRon Estes
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TrackMike Ezell
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TrackRandy Feenstra
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TrackA. Drew Ferguson IV
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TrackBrad Finstad
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TrackMichelle Fischbach
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TrackBrian K. Fitzpatrick
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TrackMike Gallagher
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TrackDiana Harshbarger
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TrackKevin Hern
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TrackMike Kelly
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TrackDavid Kustoff
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TrackDarin LaHood
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TrackNick LaLota
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TrackLaurel M. Lee
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TrackNicole Malliotakis
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TrackTom McClintock
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TrackMariannette Miller-Meeks
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TrackJohn R. Moolenaar
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TrackAlexander X. Mooney
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TrackBlake D. Moore
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TrackNathaniel Moran
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TrackGregory F. Murphy
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TrackRalph Norman
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TrackScott Perry
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TrackBill Posey
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TrackGeorge Santos
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TrackDavid Schweikert
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TrackAdrian Smith
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TrackLloyd Smucker
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TrackMichelle Steel
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TrackW. Gregory Steube
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TrackChris Stewart
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TrackClaudia Tenney
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TrackDavid G. Valadao
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TrackBeth Van Duyne
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TrackBrad R. Wenstrup
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TrackBrandon Williams
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TrackRudy Yakym III
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Actions
6 actions
| Date | Action |
|---|---|
| Dec. 10, 2024 | Placed on the Union Calendar, Calendar No. 696. |
| Dec. 10, 2024 | Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-857. |
| Sep. 11, 2024 | Committee Consideration and Mark-up Session Held |
| Sep. 11, 2024 | Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 22 - 16. |
| Jan. 09, 2023 | Introduced in House |
| Jan. 09, 2023 | Referred to the House Committee on Ways and Means. |
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