PENNSYLVANIA, November 15 - PRIOR PRINTER'S NO. 1162

PRINTER'S NO. 1213

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,

SCAVELLO, REGAN, MENSCH, LANGERHOLC, J. WARD, PITTMAN, AUMENT

AND STEFANO, OCTOBER 19, 2021

AS AMENDED, NOVEMBER 8, 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

IN COMMON AMOUNTS 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 AMOUNT THRESHOLD THAT WOULD COMMONLY

IMPOSE A SIGNIFICANT BURDEN ON ORDINARY CITIZENS AND SMALL

BUSINESSES; and

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