Bill Would Track Down Tax Cheats Through Banks
“This is just more of a fishing expedition”
Minnesota tax collectors want to enlist banks — and their electronic records — in their search for the assets of tax cheats.
The state Revenue Department is pushing a plan to collect an extra $10 million a year in outstanding taxes by making banks, credit unions, life insurance companies and money market mutual funds scan their records regularly and pass on data on tax debtors so the state can get its money.
The provision made it into Republican Gov. Tim Pawlenty’s budget recommendations and budget bills in both houses of the Democrat-controlled Legislature — much to the dismay of banks and consumer privacy watchdogs. Read more
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