SB211
Third-party settlement organizations; reporting of payments.
Summary
As Passed House of Origin. 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 ... (More) 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. This bill is identical to HB 730. (Less)-
Bill History
- 12/30/2019 - Senate: Prefiled and ordered printed; offered 01/08/20 20101609D
- 12/30/2019 - Senate: Referred to Committee on Finance and Appropriations
- 01/08/2020 - Senate: Moved from Finance to Finance and Appropriations due to a change of the committee name
- 01/14/2020 - Senate: Impact statement from TAX (SB211)
- 01/15/2020 - Senate: Reported from Finance and Appropriations with amendments (16-Y 0-N)
- 01/16/2020 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/17/2020 - Senate: Read second time
- 01/17/2020 - Senate: Reading of amendments waived
- 01/17/2020 - Senate: Committee amendments agreed to
- 01/17/2020 - Senate: Engrossed by Senate as amended SB211E
- 01/17/2020 - Senate: Printed as engrossed 20101609D-E
- 01/20/2020 - Senate: Read third time and passed Senate (40-Y 0-N)
- 02/11/2020 - Senate: Impact statement from TAX (SB211E)
- 02/12/2020 - House: Placed on Calendar
- 02/12/2020 - House: Read first time
- 02/12/2020 - House: Referred to Committee on Finance
- 02/12/2020 - House: Reported from Finance (14-Y 8-N)
- 02/14/2020 - House: Read second time
- 02/17/2020 - House: Read third time
- 02/17/2020 - House: Passed House (56-Y 44-N)
- 02/17/2020 - House: VOTE: Passage (56-Y 44-N) Close Floor Vote
- 02/19/2020 - Senate: Enrolled
- 02/19/2020 - Senate: Bill text as passed Senate and House (SB211ER)
- 02/19/2020 - House: Signed by Speaker
- 02/20/2020 - Senate: Signed by President
- 02/21/2020 - Senate: Impact statement from TAX (SB211ER)
- 02/24/2020 - Senate: Enrolled Bill Communicated to Governor on February 24, 2020
- 02/24/2020 - Governor: Governor's Action Deadline 11:59 p.m., March 2, 2020
- 03/02/2020 - Governor: Approved by Governor-Chapter 63 (effective 7/1/20)
- 03/02/2020 - Governor: Acts of Assembly Chapter text (CHAP0063)
