07/14/2025 | Press release | Distributed by Public on 07/14/2025 20:24
WASHINGTON-Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, hailed the inclusion of the Stop the Nosy Obsession with Online Payments (SNOOP) Act, in the One Big Beautiful Bill Act (OBBBA) signed into law by President Donald Trump on July 4, 2025. The SNOOP Act and its corresponding text in the OBBBA eliminates a Biden-era policy that massively expanded the Internal Revenue Service's (IRS) 1099-K reporting requirements for small businesses, gig workers, and individual sellers.
"Small businesses and Tennesseans were unreasonably targeted by the previous administration's overreach," said Senator Hagerty. "By eliminating an ill-conceived and invasive Biden-era policy, the 'One, Big Beautiful Bill' provides much-needed tax relief and helps hardworking Americans keep their focus on serving their customers-not the IRS."
The SNOOP Act restores the 1099-K reporting thresholds to $20,000 and 200 transactions, their levels prior to the enactment of the American Rescue Plan during the Biden Administration. Senator Hagerty introduced the SNOOP Act in the 119th, 118th, and 117th Congresses.
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