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AZ SM1001
M
Status
Passed
2/9/2022
Primary Sponsor
Vince Leach
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AI Summary
- Urges United States Congress to protect consumers and financial institutions from Internal Revenue Service reporting rules proposed by the Biden administration
- Opposes proposed IRS requirements that would mandate financial institutions report customer account transactions with gross inflows and outflows ranging from $600 to $10,000 annually
- Expresses concerns that expanded IRS reporting requirements would compromise data privacy and security of customer account information and personal data
- States that new reporting requirements would create additional barriers for unbanked and underbanked individuals and impose untenable burdens on community-based financial institutions
- Directs Arizona Secretary of State to transmit memorial to President of U.S. Senate, Speaker of U.S. House, and Arizona's Congressional delegation
Legislative Description
Financial institutions; burdensome reporting requirements
Rules
Last Action
Transmitted to Secretary of State
2/9/2022
Committee Referrals
Rules1/10/2022
Finance1/10/2022
Full Bill Text
No bill text available