More than a dozen New Hampshire business groups have signed a letter sent to New Hampshire’s congressional delegation opposing the Biden administration’s IRS tax reporting proposal.

The latest iteration of the plan — which proponents say would generate billions in revenue by targeting taxable income that goes unreported — would require financial institutions to report inflows and outflows of more than $10,000 from bank accounts.

Congressional Democrats had originally set the threshold at $600.

“These requirements are extremely expansive, whether at $600 or $10,000, and will intrude into the lives of nearly every Granite Stater with a bank account — impacting individuals and small businesses alike,” said Kristy Merrill, president of New Hampshire Bankers Association, in a statement Monday.

Other groups that signed the letter include the Business and Industry Association, the Cooperative Credit Union Association, the Nashua and Concord chambers of commerce and the New Hampshire Association of Realtors. The letter was sent to Sens. Jeanne Shaheen and Maggie Hassan and Reps. Annie Kuster and Chris Pappas, all Democrats.

“We agree that those who owe taxes should pay and understand that this proposal is intended to ensure wealthy tax evaders are captured,” the letter said. “This overly intrusive proposal, however, would impact virtually every Granite Stater with a bank account and violate their fundamental privacy rights.”

The business groups said financial institutions already are required to report the exchange of currency over $10,000 in a single day to the Financial Crimes Enforcement Network to prevent money laundering and financial crimes.

“There is nothing inherently suspicious about having more than $10,000 move through your financial account over the course of an entire year,” the letter said.

Two weeks ago, NH Attorney General John M. Formella and 19 other GOP attorneys general sent a letter to President Joe Biden and Fed Chairman Janet Yellen opposing the plan.