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Assembly Bill A5708

2015-2016 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2015-A5708 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add ยง171-q, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6170
2011-2012: A5208
2013-2014: A1548

2015-A5708 (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.

2015-A5708 (ACTIVE) - Bill Text download pdf 

                            
                    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:

  Section  1.  The  tax  law is amended by adding a new section 171-q to
read as follows:
  S 171-Q. 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.
                                                           LBD09233-01-5

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