The proposed bill, known as Ohio's Withholding Illegal Revenue Entering Drug Markets (WIRED) Act, aims to impose a transfer fee on money transmissions within the state to generate revenue for local law enforcement. Specifically, a transfer fee of three percent will be levied on the amount of money transmitted by licensees and authorized delegates. The bill also mandates that these entities provide customers with an itemized receipt detailing the transfer fee. Additionally, a new fund, the Withholding Illegal Revenue Entering Drug Markets Fund, will be established to collect these fees, which will be used to support law enforcement agencies in combating human trafficking and drug trafficking.

Furthermore, the bill introduces a refundable income tax credit for taxpayers who pay transfer fees, allowing them to claim a credit up to $300 against their aggregate tax liability. This credit is applicable only to fees billed to and paid by the taxpayer as a customer, and it cannot be claimed for fees paid while acting as a licensee or authorized delegate. The bill also includes provisions for the tax commissioner to certify the amount of credits claimed annually, ensuring that funds are transferred to the general revenue fund accordingly. The existing section 5747.98 of the Revised Code will be amended to incorporate this new credit, and the bill outlines the effective dates for the transfer fee and tax credit provisions.

Statutes affected:
As Introduced: 5747.98