FL S1344

Urges Congress to direct the Department of the Treasury to withdraw proposed Internal Revenue Service regulation REG-146097-09, which would require U.S. financial institutions to report interest earned on deposits made by nonresident aliens to their home countries.

Requests Congress hold hearings to examine the negative economic effects of the proposed rule on the United States and Florida, including costs to financial institutions.

States that nonresident aliens have deposited tens of billions of dollars in Florida banks, particularly from Latin Americans seeking financial privacy and security unavailable in their home countries.

Claims the proposed rule would place U.S. and Florida financial institutions at a competitive disadvantage and could result in significant withdrawals of foreign deposits, harming economic development and job creation.

Directs that copies of the memorial be sent to the President, President of the Senate, Speaker of the House, and all members of the Florida Congressional delegation.