This bill enacts a tax and income tax credit related to international money transmissions.
This bill:
- defines terms;
- imposes a tax on international money transmissions on or after a certain date;
- exempts an international money transmission from the tax if the customer requesting the transaction presents valid identification;
- requires the tax to be stated separately on an invoice or receipt;
- requires licensed money transmitters to remit collected taxes quarterly and report annually to the State Tax Commission;
- provides for the State Tax Commission's administration of the tax;
- enacts a nonrefundable income tax credit for individuals who pay the tax;
- requires the commissioner of the Department of Financial Institutions to annually provide a list of all licensed money transmitters to the State Tax Commission; and
- makes technical changes.

Statutes affected:
Introduced: 59-10-1002.2
Substitute #1: 59-10-1002.2
Substitute #2: 59-10-1002.2