The bill, H.B. No. 4180, proposes the introduction of a new tax on certain money transmissions from Texas to foreign countries, which will be administered under a newly added Chapter 164 in the Tax Code. This chapter defines key terms such as "money transmission" and "money transmission licensee" and outlines that the tax will be collected in a manner similar to the existing sales tax under Chapter 151. Specifically, a tax of 25 percent will be imposed on the amount of each money transmission, which the licensee must add to the price charged to the sender.

Additionally, the bill mandates that money transmission licensees who conduct transactions subject to this tax must report the total amount transmitted and remit the collected tax to the comptroller by the 25th of each month. They are also required to maintain detailed records of the transactions subject to the tax. The proceeds from this tax will be deposited into the general revenue fund, and the bill is set to take effect on September 1, 2025.

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