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Last week, the state House passed H.R. 150, that urges Congress to oppose the U.S. Treasury’s proposed changes to IRS reporting requirements. The resolution passed 181-19, with Representatives Kurt Masser and David Millard supporting the resolution.
The proposal would require financial institutions to report aggregate deposit and withdrawals information from customers’ business and personal accounts to the IRS without their consent. The reporting requirements would apply to personal or business savings, transactional, loan and investment accounts. The proposal would require financial institutions to report inflows and outflows of more than $600.
The PA Chamber supports the resolution because it presents extreme privacy rights issues and data security concerns for millions of Pennsylvania citizens and businesses. In recent weeks, The Chamber sent memos to the House and Senate urging opposition to the Treasury Department’s proposed sweeping overreach.