This bill proposes the addition of a new article to the West Virginia code, specifically addressing the collection and remittance of fees for international money transmission by money transmitter licensees and their authorized representatives. Under the new provisions, licensees are required to collect a fee of $5 for transactions up to $500, with an additional charge of three percent for amounts exceeding $500. These fees must be remitted quarterly to the Secretary of the West Virginia Department of Revenue, and licensees can receive a discount if they file and pay on time.

Furthermore, the bill mandates that licensees post notices informing customers that they are eligible for an income tax credit equivalent to the fee paid for the transaction when filing their individual income tax returns. The Secretary of Revenue is granted enforcement authority, including the ability to suspend licenses for non-compliance with reporting and fee remittance requirements. The revenues generated from these fees will be allocated to the general fund, with rules established for their distribution to state agencies and public entities.

Statutes affected:
Introduced Version: 11B-3-1