United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, expressed approval for the inclusion of the Stop the Nosy Obsession with Online Payments (SNOOP) Act in the One Big Beautiful Bill Act (OBBBA). This legislation was signed into law by President Donald Trump on July 4, 2025. The SNOOP Act aims to reverse a policy from the Biden Administration that expanded the Internal Revenue Service’s (IRS) 1099-K reporting requirements affecting small businesses, gig workers, and individual sellers.
“Small businesses and Tennesseans were unreasonably targeted by the previous administration’s overreach,” said Senator Hagerty. “By eliminating an ill-conceived and invasive Biden-era policy, the ‘One, Big Beautiful Bill’ provides much-needed tax relief and helps hardworking Americans keep their focus on serving their customers—not the IRS.”
The act restores the 1099-K reporting thresholds to $20,000 and 200 transactions. These thresholds were in place before being changed by the American Rescue Plan during President Biden’s term. Senator Hagerty has introduced this act in multiple Congress sessions: the 119th, 118th, and 117th.
