A BILL FOR AN ACT to amend the Indiana Code concerning financial institutions.

Plain English Breakdown

The bill summary text does not provide specific amounts for the international money wiring fee, nor does it detail when this new law would start to affect people sending money internationally.

International Money Wiring Fee Act

This bill requires financial institutions that send money internationally to collect a fee from customers, which will help fund certain Medicaid programs and provide tax credits for those who pay the fee.

What This Bill Does

• Requires companies licensed as money transmitters under the Money Transmission Modernization Act to charge a fee when people send money internationally.
• Allows these companies to keep part of the fee they collect as payment for their services.
• Gives tax credits to U.S. citizens, nationals, and certain legal residents who pay this international money wiring fee.
• Changes the name of an existing fund from 'community services quality assurance fund' to 'community based services fund'.
• Requires 20% of the collected fees to go into the state's general fund and 80% to be used for specific Medicaid programs.

Who It Names or Affects

• People who send money internationally through licensed financial institutions.
• Financial institutions that handle international money transfers.
• U.S. citizens, nationals, and certain legal residents who pay the fee.
• The state of Indiana's budget and Medicaid programs.

Terms To Know

Money Transmitter

A company licensed to transfer money internationally under the Money Transmission Modernization Act.

Medicaid Waiver Programs

Special health care programs funded by the state and federal government for people with disabilities or special needs.

Limits and Unknowns

• The bill does not specify how much the international money wiring fee will be.
• It is unclear when this new law would start to affect people sending money internationally.

Official Summary Text

A BILL FOR AN ACT to amend the Indiana Code concerning financial institutions.
International money wiring fee.

Current Bill Text

A BILL FOR AN ACT to amend the Indiana Code concerning financial institutions.

International money wiring fee.

Requires a money transmitter (entities licensed under the Money Transmission Modernization Act) to collect and remit an international money wiring fee from senders of a money transmission to a location outside of the United States. Allows a money transmitter to retain a collection allowance from the fee amounts remitted. Provides an income tax credit to individuals who are a citizen or national of the United States, or an alien who has lawful permanent resident status or conditional permanent resident status, and paid an international money wiring fee during the taxable year. Renames the community services quality assurance fund the community based services fund (fund). Requires 20% of the revenue from the international money wiring fee to be deposited in the state general fund and 80% of the revenue to be deposited in the fund to be used to fund the family supports Medicaid waiver and community integration habilitation Medicaid waiver programs, including applied behavior analysis, in order to reduce the wait list and make additional waiver slots available under these two programs. Provides that, of the money in the fund for that purpose, 50% is subject to review by the budget committee before being expended and the remaining 50% may be used any time following the deposit of the money in the fund.