North Dakota Bankers
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Pelosi: Budget Reconciliation Package to Include Tax Reporting Provision

Pelosi: Budget Reconciliation Package to Include Tax Reporting Provision

Posted: Oct 13 2021
House Speaker Nancy Pelosi (D-Calif.) told reporters yesterday that Democrats plan to include a controversial tax reporting provision in their budget reconciliation package that would require banks to report information to the Internal Revenue Service on gross inflows and outflows on customer accounts above a certain de minimis threshold.
 
Pelosi did not specify what the threshold would be, though Democrats have eyed a $10,000 threshold in recent days, up from the $600 threshold originally proposed by the Biden administration. Despite Pelosi’s remarks, House Democrats have not yet agreed on the details of a final reconciliation package, and no vote has been scheduled at this time. Any final version will have to also clear the U.S. Senate, where some Democrats are pushing for a smaller package.
 
NDBA is opposed to this bad tax policy at any dollar threshold and continues to urge North Dakota bankers to contact the congressional delegation to express opposition.
 
To “take action now”, visit: https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements/
 
 
 

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