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AR HCR1021
Concurrent Resolution
Status
10/15/2021
Primary Sponsor
Delia Haak
Click for details
AI Summary
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The Arkansas General Assembly expresses opposition to a federal proposal requiring financial institutions to report transaction-level data and account inflows/outflows exceeding $600 annually to the Internal Revenue Service.
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The resolution argues the proposal imposes significant compliance costs on banks, infringes on taxpayer privacy rights, and allows the IRS to monitor all American consumers and businesses without cause.
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The resolution contends the proposal creates barriers for unbanked and underbanked populations by increasing privacy concerns that discourage individuals from opening bank accounts.
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The resolution requests that copies be sent to Speaker Nancy Pelosi, Treasury Secretary Janet Yellen, IRS Commissioner Charles P. Rettig, and House Rules Committee Chairman Jim McGovern expressing Arkansas's opposition to the measure.
Legislative Description
To Discourage The Recent Proposal Requiring Financial Institutions To Significantly Increase The Amount Of American Taxpayer's Data Reported To The Internal Revenue Service.
Last Action
Died in House Committee at Sine Die Adjournment
10/15/2021