PRINTER'S NO. 1162
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No.
195
Session of
2021
INTRODUCED BY PHILLIPS-HILL, BARTOLOTTA, DiSANTO, CORMAN,
MASTRIANO, MARTIN, DUSH, GEBHARD, BAKER, LAUGHLIN, BROOKS AND
SCAVELLO, OCTOBER 19, 2021
REFERRED TO BANKING AND INSURANCE, OCTOBER 19, 2021
A RESOLUTION
Urging the Congress of the United States to oppose the proposal
to make an unnecessary and harmful change to Internal Revenue
Service reporting requirements that affect financial
institutions and their customers in this Commonwealth.
WHEREAS, The Biden Administration 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 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
transactions to and from the account have a gross total of more
than $600 in a tax year; and
WHEREAS, The proposed reporting requirement would apply to
personal or business savings, transactional, loan and investment
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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 Senate of the Commonwealth of Pennsylvania
urge the Congress of the United States to oppose the proposal to
make an unnecessary and harmful change to Internal Revenue
Service reporting requirements that affect financial
institutions and their customers in this Commonwealth; and be it
further
RESOLVED, That copies of this resolution be transmitted to
all the following:
(1) The President of the United States.
(2) The President pro tempore of the United States
Senate.
(3) The chairperson of the Committee on Finance of the
United States Senate.
(4) The Speaker of the United States House of
Representatives.
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(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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