PRIOR PRINTER'S NO. 2291
PRINTER'S NO. 2325
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No.
150
Session of
2021
INTRODUCED BY MERCURI, ARMANINI, BERNSTINE, CAUSER, SCHLEGEL
CULVER, ECKER, GAYDOS, GILLEN, GLEIM, GUENST, HAMM, HELM,
JONES, KAUFFMAN, KERWIN, R. MACKENZIE, MILLARD, MIZGORSKI,
MOUL, E. NELSON, OWLETT, PENNYCUICK, PICKETT, RIGBY, ROAE,
RYAN, SANKEY, SAYLOR, SMITH, SONNEY, STAMBAUGH, TWARDZIK,
C. WILLIAMS, ZIMMERMAN, ORTITAY, WARNER, R. BROWN, RAPP,
METCALFE, B. MILLER AND ROZZI, OCTOBER 21, 2021
AS REPORTED FROM COMMITTEE ON COMMERCE, HOUSE OF
REPRESENTATIVES, AS AMENDED, OCTOBER 27, 2021
A RESOLUTION
Urging the Congress of the United States to oppose the Treasury
Department's proposal to change Internal Revenue Service
reporting requirements, which would unnecessarily and
harmfully affect financial institutions and their customers
in this Commonwealth.
WHEREAS, The Treasury Department has proposed a change to
Internal Revenue Service reporting requirements that would
require financial institutions to report the total dollar amount
of incoming and outgoing transactions from each customer account
with gross inflows and outflows of more than $600 THAT HAVE
REACHED A CERTAIN THRESHOLD in a tax year to the Internal
Revenue Service; and
WHEREAS, Under the proposed reporting requirement, a
financial institution must report an itemization of physical
cash, transactions with foreign accounts and transfers to and
from another account with the same customer when the
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transactions to and from the account have reached a certain
gross total threshold in a tax year; and
WHEREAS, The proposed reporting requirement would apply to
personal or business savings, transactional, loan and investment
accounts for a financial institution subject to the proposed
reporting requirement; and
WHEREAS, It is not known how a financial institution would
report the gross inflows and outflows for each customer account
under the proposed reporting requirement; and
WHEREAS, Maintaining the privacy and security of customer
account information is a primary goal of each financial
institution in this Commonwealth; and
WHEREAS, The proposed reporting requirement could jeopardize
the privacy and security of customer account information; and
WHEREAS, Financial institutions are already subject to many
burdensome regulatory requirements; and
WHEREAS, The proposed reporting requirement would only
exacerbate that burden, particularly for smaller financial
institutions; therefore be it
RESOLVED, That the House of Representatives of the
Commonwealth of Pennsylvania urge the Congress of the United
States to oppose the Treasury Department's proposal to change
Internal Revenue Service reporting requirements, which would
unnecessarily and harmfully affect financial institutions and
their customers in this Commonwealth; and be it further
RESOLVED, That copies of this resolution be transmitted to
the following:
(1) The President of the United States.
(2) The President pro tempore of the United States
Senate.
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(3) The chairperson of the Committee on Finance of the
United States Senate.
(4) The Speaker of the United States House of
Representatives.
(5) The chairperson of the Committee on Ways and Means
of the United States House of Representatives.
(6) Each member of Congress from Pennsylvania.
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