arrow_back Back to App

Prohibiting New IRS Bank Account Reporting Requirements

This act aims to protect citizens' financial privacy by prohibiting the IRS from introducing new requirements for reporting detailed bank account deposits and withdrawals. This means banks will not have to provide the IRS with additional transaction information beyond what is already required by current laws. Your financial data will remain more private as a result.
Key points
Banks will not be required to report new, detailed bank account deposit and withdrawal data to the IRS.
Citizens' financial privacy will be strengthened by limiting IRS access to transaction information.
Existing financial data reporting rules remain unchanged.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_3056
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-10-21
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Prohibiting IRS Financial Surveillance Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3056.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-21.

What are the main provisions?

Key points include:

  • Banks will not be required to report new, detailed bank account deposit and withdrawal data to the IRS.
  • Citizens' financial privacy will be strengthened by limiting IRS access to transaction information.
  • Existing financial data reporting rules remain unchanged.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Courts and Law