This bill amends the Nebraska Money Transmitters Act by updating sections 8-2701 and 8-2718 of the Revised Statutes Supplement, 2025. It introduces a remittance transfer tax, which imposes a two percent excise tax on remittance transfers by licensees, and a twenty percent tax on transfers to residents of foreign adversary countries. The bill also specifies exemptions for active duty military members and their dependents, who will not be subject to this tax if they present valid military identification. Additionally, the bill requires licensees to submit detailed reports of their financial conditions, including transaction data related to foreign adversary countries and the estimated remittance transfer tax collected.

The bill includes several new definitions related to military status and remittance transfers, and it harmonizes existing provisions to ensure consistency with federal regulations. It also establishes procedures for tax collection and reporting, including the use of electronic funds transfer and the possibility of expedited refunds for military members charged the tax in error. The act is set to become operative on July 1, 2026, and it declares an emergency for immediate effect upon passage and approval. The original sections of the law being amended are repealed.

Statutes affected:
Introduced: 8-2701, 8-2718