SECTION 1. The department of revenue shall promulgate new regulations requiring third party settlement organizations, as defined in 830 CMR 62C.8.1, to report the net amount paid in settlement to a payee with a Massachusetts address in a calendar year when such amount is $10,000 or greater, irrespective of the number of transactions between the third party settlement organization and the payee.
SECTION 2. The department shall strike any regulations from the Code that contradict with the provisions of Section 1 of this Act.
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