Washington, D.C. – Today, Rep. Burgess Owens (UT-04) co-sponsored the Stop the Nosy Obsession with Online Payments Act of 2022 (SNOOP) Act, legislation to protect American workers from federal snooping on their private financial information.
The SNOOP Act would strike a provision of the American Rescue Plan Act, passed into law in March of 2021, that requires gig workers and other small businesses to provide their private, personal information to the IRS. The law requires third-party payment platforms to report a business’ gross transaction volumes in excess of $600 to the Internal Revenue Service (IRS). The SNOOP Act will repeal this new reporting modification and return reporting requirements to their pre-2021 status so that payment providers are only required to report information when a payee conducts more than 200 commercial transactions per year in excess of $20,000.
“The push to expand surveillance over the bank accounts of law-abiding Americans is invasive, out-of-touch, and unconstitutional,” said Rep. Owens. “The SNOOP Act protects the financial privacy of Utah’s small business owners and taxpayers against the Biden Administration’s big government snooping.”
The full legislative text is available here.
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