Bill Posey: “I would like to thank Chairman Crenshaw for his help on this amendment and for his support on this issue of critical…”

“I would like to thank Chairman Crenshaw for his help on this amendment and for his support on this issue of critical importance to the Florida financial industry. My amendment transfers $1 million from the Internal Revenue Service enforcement division to the IRS office of the inspector general. It is my intent that this money be used to study the impact of IRS nonresident alien bank account reporting and requirements on the United States economy. The IRS has issued a final regulation requiring all banks in the United States to report to the IRS the amount of interest paid to nonresident alien individual depositors. Now these are people who are not taxpayers, and they do not owe us taxes. These payments are not subject to U.S. taxes, so these reports do not collect a single penny of additional revenue. This regulation also reverses a 90-year policy that the interest earned by foreign depositors in American banks would not be taxed or reported. {time} 2015 When the IRS first proposed this regulation in 2001, a bipartisan coalition of more than 100 Members of Congress opposed it. The IRS eventually withdrew the crazy proposal. In 2011, the entire Florida delegation signed a letter to the Internal Revenue Service expressing concern with the economic impact of this policy, and I thank my colleague, Debbie Wasserman Schultz, for taking the lead on that initiative. On July 25, 2012, the House passed my amendment to H.R.…”