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.
STATE OF NEW YORK
________________________________________________________________________
6170
2009-2010 Regular Sessions
IN ASSEMBLY
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 § 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 § 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
