Bill Description: House Bill 32 would forbid financial institutions from disclosing personal information to the IRS unless required by state or federal law in effect on the date this bill is enacted.
Does it violate the spirit or the letter of either the U.S. Constitution or the Idaho Constitution? Examples include restrictions on speech, public assembly, the press, privacy, private property, or firearms. Conversely, does it restore or uphold the protections guaranteed in the U.S. Constitution or the Idaho Constitution?
House Bill 32 would create Section 26-1111A, Idaho Code, to say, in part, "A financial institution may not disclose to the United States internal revenue service any account balances, transactions, transfers, or similar information with respect to any account maintained by the financial institution, except to the extent that the disclosure is required by any state or federal law in effect on the date of enactment of this section."
While it would be better to protect all personal financial information from disclosure to the IRS, regardless of any federal demands, this bill would at least protect this information from disclosure under federal laws that may be enacted in the future.