Third-party settlement organizations; reporting of payments. (SB211)

Introduced By

Sen. Janet Howell (D-Reston)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Reporting of payments by third-party settlement organizations. Requires third-party settlement organizations (TPSOs) to report to the Tax Department the gross amount of payments made to any participating payee, a person who receives payment from a TPSO. Generally speaking, a TPSO is a company that provides a platform for buyers and sellers to transact goods or services and settles transactions between those parties. Examples of TPSOs would be marketplace facilitators and "gig economy" platforms. Under federal law, payments by TPSOs to participating payees need not be reported unless they exceed $20,000 and there are more than 200 transactions between the TPSO and the participating payee. The bill instead requires use of the standard 1099 reporting threshold of $600 for non-TPSO income as the level at which TPSO income must be reported to the Tax Department. The requirements of the bill apply only to payments to participating payees with a Virginia address. Read the Bill »

Status

02/17/2020: Passed the House

History

DateAction
12/30/2019Referred to Committee on Finance
12/30/2019Prefiled and ordered printed; offered 01/08/20 20101609D
12/30/2019Referred to Committee on Finance and Appropriations
01/08/2020Moved from Finance to Finance and Appropriations due to a change of the committee name
01/14/2020Impact statement from TAX (SB211)
01/15/2020Reported from Finance and Appropriations with amendments (16-Y 0-N) (see vote tally)
01/16/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/17/2020Read second time
01/17/2020Reading of amendments waived
01/17/2020Committee amendments agreed to
01/17/2020Engrossed by Senate as amended SB211E
01/17/2020Printed as engrossed 20101609D-E
01/20/2020Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/11/2020Impact statement from TAX (SB211E)
02/12/2020Placed on Calendar
02/12/2020Read first time
02/12/2020Referred to Committee on Finance
02/12/2020Reported from Finance (14-Y 8-N) (see vote tally)
02/14/2020Read second time
02/17/2020Read third time
02/17/2020Passed House (56-Y 44-N)
02/17/2020VOTE: Passage (56-Y 44-N) (see vote tally)
02/19/2020Enrolled
02/19/2020Bill text as passed Senate and House (SB211ER)

Duplicate Bills

The following bills are identical to this one: HB730.

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