California Business and Professions Code

§ 7464.5

BPC § 7464.5 Effective Dec 16, 2020Div. 3 · Ch. 10.5 · Art. 8

Statute text

(a)A network company that is acting as a third-party settlement organization shall prepare an information return for each participating payee who is an app-based driver with a California address that has a gross amount of reportable payment transactions equal to or greater than six hundred dollars ($600) during a calendar year, irrespective of the number of transactions between the third-party settlement organization and the payee. A third-party settlement organization must report these amounts to the Franchise Tax Board and furnish a copy to the payee, even if it does not have a federal reporting obligation. The information return shall identify the following:

(1)The name, address, and tax identification number of the participating payee.

(2)The gross amount of the reportable payment transactions with respect to the participating payee.

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Legislative history

Added November 3, 2020, by initiative Proposition 22, Sec. 1. Effective December 16, 2020.