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A02884
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. exclude changes to the Internal Revenue
Service reporting requirements and include universal paid
family and medical leave in the Federal Build Back Better
legislation.
WHEREAS, The Treasury Department has proposed a As part of
the Federal Build Back Better legislation, Congress is reviewing
a proposed 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
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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 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 While the intent is to ensure that all taxpayers
meet their obligation, 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 and
WHEREAS, To achieve the intended goal of improving tax
compliance while also safeguarding individuals' financial
information, this policy change would require careful
consideration, extensive feedback and meaningful collaboration
with financial institutions, impacted stakeholders and
taxpayers; and
WHEREAS, The Congress of the United States is also
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deliberating the inclusion of a national comprehensive paid
family and medical leave program as part of the Federal Build
Back Better legislation; and
WHEREAS, A national comprehensive paid family and medical
leave program will bring the United States in line with
competitor nations that offer paid leave programs and allow
people to manage their health and the health of their families;
and
WHEREAS, Paid family and medical leave will give workers
peace of mind when welcoming a new child into the family, when
recovering from illnesses and when caring for sick family
members; and
WHEREAS, The adoption of a national paid family and medical
leave program will allow workers to care for themselves and
their families while at the same time helping businesses attract
talent, increase employee morale, retain workers and avoid
unnecessary turnover; and
WHEREAS, Americans overwhelmingly support national paid
family and medical leave and it should be adopted to benefit
workers, employers and the economy; 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
exclude changes to the Internal Revenue Service reporting
requirements, which would unnecessarily and harmfully affect
financial institutions and their customers in this Commonwealth
and include universal paid family and medical leave in the
Federal Build Back Better legislation; and be it further
RESOLVED, That copies of this resolution be transmitted to
the following:
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(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.
(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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