TechNet Statement on the House Ways & Means Committee Markup of Tax Legislation

Washington, D.C. - TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today urged Congress to take legislative action to increase the 1099-K tax reporting threshold. The statement comes as the House Ways & Means Committee is scheduled to hold an executive business meeting to consider legislation raising the 1099-K threshold. The following statement can be attributed to TechNet President and CEO Linda Moore:

"Congress must address the urgent matter of raising the 1099-K tax reporting threshold. The American Rescue Plan Act of 2021 included language drastically lowering the 1099-K reporting threshold from $20,000 to $600 annually. While the Internal Revenue Service has slowed implementation of this change, the reduced threshold complicates tax filings and negatively impacts millions of Americans. Whether it's working mothers selling used items online to help make ends meet, seniors renting unused space in their homes through online services, or recent graduates dipping their toe in starting businesses, American consumers who engage in everyday activities online urgently need a solution to the 1099-K issue.

"Multiple pieces of legislation raising the 1099-K threshold have been introduced by members of both parties to provide critical protection for casual sellers, entrepreneurs, and microbusinesses. We urge lawmakers from both parties to work together to fix the 1099-K tax reporting threshold and provide Americans with the tax certainty, clarity, and relief that they need."