Bill Text: NY A06170 | 2009-2010 | General Assembly | Introduced
Bill Title: 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
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2010-01-06 - referred to ways and means [A06170 Detail]
Download: New_York-2009-A06170-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6170 2009-2010 Regular Sessions I N A S S E M B L Y February 26, 2009 ___________ Introduced by M. of A. HOOPER -- Multi-Sponsored by -- M. of A. BRENNAN, CLARK, GOTTFRIED, GREENE, JOHN, 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: 1 Section 1. The tax law is amended by adding a new section 171-t to 2 read as follows: 3 S 171-T. 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. LBD08745-01-9