Virginia House Bill 1412 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 8 2020 - 25% progression, died in chamber
Action: 2020-01-10 - Stricken from House calendar
Text: Latest bill text (Prefiled) [HTML]

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 include 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 for non-TPSO income, $600, 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.

Third-party settlement organizations; reporting of payments.

Del. Vivian Watts [D]

Date	Chamber	Action
2020-01-10	House	Stricken from House calendar
2020-01-08	House	Referred to Committee on Finance
2020-01-08	House	Prefiled and ordered printed; offered 01/08/20 20102774D

Chapter	Article	Section	Citation Type	Statute Text
58	1	356	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1412
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1412+hil