withholding Section 3406(b)(6) is amended— (1) by striking $600 in subparagraph (A) and inserting the dollar amount in effect for such calendar year under section 6041(a) , and (2) by striking only where aggregate for calendar year is $600 or more in the heading and inserting only if in excess of threshold . (e) Conforming amendments (1) The heading of section 6041(a) is amended by striking of $600 or more and inserting exceeding threshold . (2) Section 6041(a) is amended by striking taxable year and inserting calendar year . (f) Effective date The amendments made by this section shall apply with respect to payments made after December 31, 2023. 3. Restoration of reporting rule for third party network transactions (a) De minimis exception for third party settlement organizations Section 6050W(e) is amended to read as follows: (e) Exception for de minimis payments by third party settlement organizations A third party settlement organization shall be required to report any information under subsection (a) with respect to third party network transactions of any participating payee only if— (1) the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions exceeds $20,000, and (2) the aggregate number of such transactions exceeds 200. . (b) Effective date The amendment made by this section shall apply to returns for calendar years beginning after December 31, 2021. 4. Modifications to exclusion for gain from qualified small business stock (a) Phased increase in exclusion for gain from qualified small business stock (1) In general Section 1202(a)(1) is amended— (A) by striking 50 percent and inserting the applicable percentage , and (B) by striking held for more than 5 years and inserting held for at least 3 years . (2) Applicable percentage Section 1202(a) is amended by adding at the end the following new paragraph: (5) Applicable percentage Except as provided in paragraphs (3) and (4), the applicable percentage under paragraph (1) shall be determined under the following