HB730
Third-party settlement organizations; reporting of payments.
Summary
As Introduced. 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 SB 211. (Less)-
Bill History
- 01/06/2020 - House: Prefiled and ordered printed; offered 01/08/20 20100549D
- 01/06/2020 - House: Referred to Committee on Finance
- 01/14/2020 - House: Impact statement from TAX (HB730)
- 01/15/2020 - House: Failed to report (defeated) in Finance (9-Y 11-N)
- 01/22/2020 - House: Reconsidered by Finance
- 01/22/2020 - House: Reported from Finance (14-Y 8-N)
- 01/24/2020 - House: Read first time
- 01/27/2020 - House: Read second time and engrossed
- 01/28/2020 - House: Read third time and passed House (58-Y 40-N)
- 01/28/2020 - House: VOTE: Passage (58-Y 40-N) Close Floor Vote
- 01/29/2020 - Senate: Constitutional reading dispensed
- 01/29/2020 - Senate: Referred to Committee on Finance and Appropriations
- 02/18/2020 - Senate: Reported from Finance and Appropriations (11-Y 0-N)
- 02/19/2020 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/20/2020 - Senate: Read third time
- 02/20/2020 - Senate: Passed Senate (39-Y 1-N)
- 02/25/2020 - House: Enrolled
- 02/25/2020 - House: Bill text as passed House and Senate (HB730ER)
- 02/25/2020 - House: Impact statement from TAX (HB730ER)
- 02/25/2020 - House: Signed by Speaker
- 02/26/2020 - Senate: Signed by President
- 03/03/2020 - House: Enrolled Bill communicated to Governor on March 3, 2020
- 03/03/2020 - Governor: Governor's Action Deadline 11:59 p.m., March 10, 2020
- 03/10/2020 - Governor: Approved by Governor-Chapter 248 (effective 7/1/20)
- 03/10/2020 - Governor: Acts of Assembly Chapter text (CHAP0248)
