Bill Text: NY A05708 | 2015-2016 | General Assembly | Introduced

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Bill Title: Requires any person engaged in a trade or business who, in the course of such trade or business, receives more than $10,000 in cash in a single transaction or in two or more related transactions to file a return with the commissioner of taxation and finance.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05708 Detail]

Download: New_York-2015-A05708-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5708
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 3, 2015
                                      ___________
       Introduced  by  M. of A. HOOPER, STECK -- Multi-Sponsored by -- M. of A.
         BRENNAN, CLARK, GOTTFRIED, PERRY, PRETLOW -- read once and referred to
         the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to requiring cash  transactions
         in  excess  of ten thousand dollars to be reported to the commissioner
         of taxation and finance
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  tax  law is amended by adding a new section 171-q to
    2  read as follows:
    3    S 171-Q. RETURNS RELATING TO CASH RECEIVED IN A TRADE OR BUSINESS. (1)
    4  ANY PERSON ENGAGED IN A TRADE OR BUSINESS WHO, IN  THE  COURSE  OF  SUCH
    5  TRADE  OR  BUSINESS RECEIVES MORE THAN TEN THOUSAND DOLLARS IN CASH IN A
    6  SINGLE TRANSACTION, OR IN TWO OR MORE RELATED TRANSACTIONS SHALL  WITHIN
    7  THIRTY  DAYS  OF THE RECEIPT THEREOF FILE A RETURN WITH THE COMMISSIONER
    8  CONTAINING:
    9    (A) THE NAME, ADDRESS AND SOCIAL SECURITY NUMBER, OR  TAX  IDENTIFICA-
   10  TION  NUMBER  WHERE  DIFFERENT,  OF  THE  PERSON  FROM WHOM THE CASH WAS
   11  RECEIVED,
   12    (B) THE AMOUNT OF THE CASH RECEIVED, AND
   13    (C) THE DATE AND NATURE OF THE TRANSACTION.
   14    (2) FOR PURPOSES OF  THIS  SECTION,  THE  TERM  "CASH"  SHALL  INCLUDE
   15  FOREIGN CURRENCY.
   16    (3) THE COMMISSIONER SHALL PRESCRIBE SUCH FORMS WHICH ARE NECESSARY TO
   17  EFFECT THE PROVISIONS OF THIS SECTION.
   18    (4)  EVERY  PERSON  REQUIRED TO MAKE A RETURN UNDER THIS SECTION SHALL
   19  FURNISH TO EACH PERSON WHOSE NAME IS REQUIRED TO BE SET  FORTH  IN  SUCH
   20  RETURN A COPY OF SUCH RETURN.
   21    S  2. This act shall take effect on the first of January next succeed-
   22  ing the date on which it shall have become a law and shall apply to  all
   23  transactions occurring on and after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09233-01-5