Florida 2022 Regular Session

Florida House Bill H0641 Compare Versions

Only one version of the bill is available at this time.

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3	3	HM 641 2022
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7	7	CODING: Words stricken are deletions; words underlined are additions.
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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
11	11	R E P R E S E N T A T I V E S
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13	13	House Memorial 1
14	14	A memorial to the Congress of the United States, 2
15	15	urging Congress to oppose the intrusive Internal 3
16	16	Revenue Service reporting requirements placed on 4
17	17	financial institutions included in the Biden 5
18	18	administration's tax increase proposal. 6
19	19	7
20	20	WHEREAS, the Biden administration's tax increase proposal 8
21	21	for fiscal year 2022 includes a number of provisions that would 9
22	22	place undue burdens on financial institutions, small businesses, 10
23	23	and law-abiding citizens, and 11
24	24	WHEREAS, one proposal seeks to increase tax payment 12
25	25	enforcement measures by requiring peer -to-peer payment 13
26	26	transaction applications as well as financial institutions to 14
27	27	annually report aggregated data on all accou nt inflows and 15
28	28	outflows of $10,000 or more to the Internal Revenue Service 16
29	29	(IRS), and 17
30	30	WHEREAS, the reports would also disclose whether 18
31	31	transactions involved physical cash, foreign accounts, or 19
32	32	transfers between accounts with the same owner, negatively 20
33	33	impacting the privacy rights of Americans, compliance costs, and 21
34	34	low-income communities, and 22
35	35	WHEREAS, the proposal's $10,000 threshold for reporting 23
36	36	would ensnare many active financial institution accounts, 24
37	37	including those owned by individuals and small bus inesses, 25 
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39	39	HM 641 2022
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43	43	CODING: Words stricken are deletions; words underlined are additions.
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45	45	Page 2 of 3
46	46	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
47	47	R E P R E S E N T A T I V E S
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49	49	requiring the financial data of the majority of those accounts 26
50	50	to be sent to the IRS, an agency that experiences more than one 27
51	51	billion cyberattacks each year, and 28
52	52	WHEREAS, a June 2021 ProPublica article revealed a massive 29
53	53	leak of tax return data from the IRS, demonstrating that the 30
54	54	agency is unable or unwilling to protect taxpayer information, 31
55	55	and given its many vulnerabilities in cybersecurity, the IRS 32
56	56	should not be trusted with more private information, and 33
57	57	WHEREAS, by holding financial institu tions responsible for 34
58	58	data collection and reporting, the proposal would force 35
59	59	financial institutions to increase spending on additional 36
60	60	staffing, technology, and other resources, which could then be 37
61	61	passed on to the depositors, thus burdening tax -compliant 38
62	62	citizens and small businesses, and 39
63	63	WHEREAS, the Biden administration's tax increase proposal 40
64	64	fails to consider cybersecurity risks and unjust burdens on law -41
65	65	abiding citizens, financial institutions, and small businesses, 42
66	66	and the United States Congress sh ould oppose this unprecedented 43
67	67	intrusion into the privacy rights of Americans, NOW, THEREFORE, 44
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69	69	Be It Resolved by the Legislature of the State of Florida: 46
70	70	47
71	71	That the Congress of the United States is urged to oppose 48
72	72	the intrusive Internal Revenue Servic e reporting requirements 49 
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74	74	HM 641 2022
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78	78	CODING: Words stricken are deletions; words underlined are additions.
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80	80	Page 3 of 3
81	81	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
82	82	R E P R E S E N T A T I V E S
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84	84	placed on financial institutions included in the Biden 50
85	85	administration's tax increase proposal. 51
86	86	BE IT FURTHER RESOLVED that copies of this memorial be 52
87	87	dispatched to the President of the United States, to the 53
88	88	President of the United States Senate, to the Speaker of the 54
89	89	United States House of Representatives, and to each member of 55
90	90	the Florida delegation to the United States Congress. 56