Virginia HB 1412: Third-party settlement organizations; reporting of payments.

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2020 SESSION

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20102774D

HOUSE BILL NO. 1412 

Offered January 8, 2020 

Prefiled January 8, 2020 

A BILL to amend the Code of Virginia by adding in Article 4 of Chapter 3 of Title 58.1 a section 
 numbered 58.1-356, relating to reporting of payments by third-party settlement 
 organizations. 
---------- 

Patron-- Watts 

---------- 

Referred to Committee on Finance 

---------- 

Be it enacted by the General Assembly of Virginia: 

1. That the Code of Virginia is amended by adding in Article 
 4 of Chapter 3 of Title 58.1 a section numbered 
 58.1-356 as follows:

� 58.1-356. Reporting 
 of payments by third-party settlement organizations.

A. As used in this 
 section:

"Participating payee" 
 has the same meaning as that term is 
 defined in � 6050W of the Internal 
 Revenue Code.

"Reportable 
 payment transactions" has the same meaning as that term is defined in � 
 6050W of the Internal Revenue Code.

"Third-party 
 settlement organization" has the same meaning as that term is defined in � 
 6050W of the Internal Revenue Code.

B. Any 
 third-party settlement organization shall report to the Department, and to any 
 participating payee, all information required 
 by � 6050W of the Internal Revenue Code with respect to 
 reportable payment transactions made on or after January 1, 2020 to 
 such participating payee. For the purposes of this requirement, the 
 de minimis limitations of � 6041(a) of the Internal Revenue Code shall apply in 
 lieu of the de minimis limitations of � 6050W(e) of 
 the Internal Revenue Code. This section shall apply only with respect to 
 participating payees with a Virginia mailing 
 address.

C. Any 
 information required by this section shall be reported to the Department on 
 forms and using an electronic medium prescribed by the Tax 
 Commissioner. The Tax Commissioner shall have the authority to waive the 
 requirement to submit this information electronically upon a determination that 
 the requirement creates an unreasonable burden on the third-party settlement 
 organization that is required to report information pursuant to this section. 
 All requests for waiver shall be transmitted to the Tax Commissioner in 
 writing.

D. 
 Any information required by this section 
 shall be reported to the Department and participating payees 
 within 30 days of the relevant federal deadlines for reporting such 
 information. This requirement shall be applied as if the de minimis limitations of 
 � 6041(a) of the Internal Revenue Code had been 
 imposed for federal purposes rather than the de minimis limitations of � 6050W(e) of 
 the Internal Revenue Code.