Florida Senate - 2022                                     SM 982
       
       
        
       By Senator Diaz
       
       
       
       
       
       36-01028-22                                            2022982__
    1                           Senate Memorial                         
    2         A memorial to the Congress of the United States urging
    3         Congress to protect consumers from harmful and
    4         intrusive Internal Revenue Service regulations.
    5  
    6         WHEREAS, the Biden Administration and some in Congress have
    7  proposed changes to tax information reporting which would
    8  require financial institutions to provide the Internal Revenue
    9  Service reports of incoming and outgoing transactions from every
   10  customer financial account with gross inflows and outflows that
   11  range from $600 to $10,000 in a tax year, and
   12         WHEREAS, these proposals would require financial
   13  institutions to include in the reports a breakdown for physical
   14  cash, transactions with foreign accounts, and transfers to and
   15  from another account with the same owner, and would be
   16  applicable to both personal and business accounts, and
   17         WHEREAS, savings, transactional, loan, and investment
   18  accounts at those financial institutions would be subject to
   19  this proposed new requirement, and
   20         WHEREAS, there are real concerns regarding data privacy and
   21  security if this new requirement is put in place as keeping
   22  member and customer account information private and secure is
   23  among the primary goals of all financial institutions in this
   24  state, and this new requirement at any threshold dollar amount
   25  could jeopardize the security of accounts and personal
   26  information, and
   27         WHEREAS, privacy is cited as one of the primary reasons
   28  individuals choose not to open bank accounts, and this proposal
   29  lays a foundation for new and future barriers for the unbanked
   30  or underbanked, and
   31         WHEREAS, financial institutions throughout this state and
   32  nation are already subject to many burdensome regulations, and
   33  the inclusion of this new, hyperextensive reporting requirement
   34  would deepen that burden in an untenable and destructive fashion
   35  for many community-based financial institutions, NOW, THEREFORE,
   36  
   37  Be It Resolved by the Legislature of the State of Florida:
   38  
   39         That the Congress of the United States is urged to protect
   40  consumers from harmful and intrusive Internal Revenue Service
   41  regulations, such as burdensome reporting requirements for
   42  financial institutions.
   43         BE IT FURTHER RESOLVED that the Secretary of State is
   44  directed to dispatch copies of this memorial to the President of
   45  the United States, the President of the United States Senate,
   46  the Speaker of the United States House of Representatives, the
   47  Commissioner of the Internal Revenue Service, and each member of
   48  the Florida delegation to the United States Congress.