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.

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A5208-2011 Actions

• Jan 4, 2012: referred to ways and means
• Feb 14, 2011: referred to ways and means

A5208-2011 Text

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

                                    5208

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                              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