The bill, known as Ohio's Withholding Illegal Revenue Entering Drug Markets (WIRED) Act, proposes to amend section 5747.98 and enact new sections 1315.131, 5502.80, and 5747.87 of the Revised Code. It introduces a transfer fee of three percent on money transmissions conducted by licensees and authorized delegates in Ohio, aimed at generating revenue for local law enforcement. The bill mandates that these entities provide customers with an itemized receipt for the transfer fee and requires them to file quarterly reports detailing the fees collected. Additionally, it establishes the Withholding Illegal Revenue Entering Drug Markets Fund, which will be used to support law enforcement agencies in combating human and drug trafficking.

Furthermore, the bill allows for a refundable income tax credit for taxpayers who pay these transfer fees, capped at $300 per taxable year. The tax credit is applicable only to fees billed to customers and not for those acting as licensees or authorized delegates. The bill also includes provisions for the equitable distribution of grant funds to law enforcement agencies for related investigations and requires the tax commissioner to certify the amount of tax credits claimed annually. The existing section 5747.98 is repealed, and the new provisions will take effect for taxable years ending on or after the effective date of the act.

Statutes affected:
As Introduced: 5747.98