Do you support this bill?

Assembly Bill A5208

2011-2012 Legislative Session

Requires reporting of cash transactions in excess of $10,000

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

multi-Sponsors

2011-A5208 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add ยง171-v, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6170
2013-2014: A1548
2015-2016: A5708

2011-A5208 (ACTIVE) - Summary

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.

2011-A5208 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5208

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 14, 2011
                               ___________

Introduced by M. of A. HOOPER -- Multi-Sponsored by -- M. of A. BRENNAN,
  CLARK, GOTTFRIED, PERRY, PHEFFER, 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:

  Section 1. The tax law is amended by adding a  new  section  171-v  to
read as follows:
  S 171-V. RETURNS RELATING TO CASH RECEIVED IN A TRADE OR BUSINESS. (1)
ANY  PERSON  ENGAGED  IN  A TRADE OR BUSINESS WHO, IN THE COURSE OF SUCH
TRADE OR BUSINESS RECEIVES MORE THAN TEN THOUSAND DOLLARS IN CASH  IN  A
SINGLE  TRANSACTION, OR IN TWO OR MORE RELATED TRANSACTIONS SHALL WITHIN
THIRTY DAYS OF THE RECEIPT THEREOF FILE A RETURN WITH  THE  COMMISSIONER
CONTAINING:
  (A)  THE  NAME, ADDRESS AND SOCIAL SECURITY NUMBER, OR TAX IDENTIFICA-
TION NUMBER WHERE DIFFERENT, OF  THE  PERSON  FROM  WHOM  THE  CASH  WAS
RECEIVED,
  (B) THE AMOUNT OF THE CASH RECEIVED, AND
  (C) THE DATE AND NATURE OF THE TRANSACTION.
  (2)  FOR  PURPOSES  OF  THIS  SECTION,  THE  TERM "CASH" SHALL INCLUDE
FOREIGN CURRENCY.
  (3) THE COMMISSIONER SHALL PRESCRIBE SUCH FORMS WHICH ARE NECESSARY TO
EFFECT THE PROVISIONS OF THIS SECTION.
  (4) EVERY PERSON REQUIRED TO MAKE A RETURN UNDER  THIS  SECTION  SHALL
FURNISH  TO  EACH  PERSON WHOSE NAME IS REQUIRED TO BE SET FORTH IN SUCH
RETURN A COPY OF SUCH RETURN.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the date on which it shall have become a law and shall apply to all
transactions occurring on and after such date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06888-01-1

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.