Rich Neal: “I include in the Record a letter from the staff of the Joint Committee on Taxation providing a technical explanation of…”

“I include in the Record a letter from the staff of the Joint Committee on Taxation providing a technical explanation of section 9674 of the American Rescue Plan Act of 2021, and request that the Joint Committee post the letter on their website as well. Congress of the United States, Joint Committee on Taxation, Washington, DC, February 26, 2021. Hon. Richard E. Neal, Committee on Ways and Means, Washington, DC. Dear Chairman Neal: You asked the staff of the Joint Committee on Taxation to prepare a technical explanation of a provision to modify the exceptions for reporting third party network transactions provided by Internal Revenue Code section 6050W. The specific legislative text is new section 9674 of subtitle G of title IX of the American Rescue Plan Act of 2021, as amended by the proposed manager's amendment. Enclosed please find the Joint Committee staff's description of present law and technical explanation of this proposal. Sincerely, Thomas A. Barthold, Chief of Staff. Enclosure. Technical Explanation of the Modification of Exceptions of Reporting Third Party Network Transactions in New Section 9674 of Subtitle IX of the American Rescue Plan Act of 2021, as Amended by the Proposed Manager's Amendment (Prepared by the Staff of the Joint Committee on Taxation, Feb.…”