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

Plain English Breakdown

The official source material does not provide specific details about the amount of the international money wiring fee or any exceptions for receiving the tax credit.

Tax Changes for International Money Transfers

This bill requires companies licensed as money transmitters to charge a fee on international money transfers, provides tax credits to those who pay the fee, and deposits the collected fees into the state's general fund.

What This Bill Does

• Requires companies licensed as money transmitters to collect an international money wiring fee from people sending money abroad.
• Provides an income tax credit to U.S. citizens, nationals, or legal permanent residents who paid an international money transfer fee during a taxable year.
• Deposits the collected fees into the state's general fund.

Who It Names or Affects

• People who send money internationally through licensed companies.
• Companies that handle international money transfers and are licensed under the Money Transmission Modernization Act.
• U.S. citizens, nationals, or legal permanent residents who paid an international money transfer fee during a taxable year.

Terms To Know

Money Transmitter

A company that is licensed to handle and send money internationally under the Money Transmission Modernization Act.

International Money Wiring Fee

The charge imposed on people sending money abroad through a licensed money transmitter.

Limits and Unknowns

• It's not clear what the amount of the international money wiring fee will be.
• The bill does not specify if there are any exceptions to who can receive the tax credit.

Official Summary Text

A BILL FOR AN ACT to amend the Indiana Code concerning taxation.
Taxation of remittances.

Current Bill Text

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

Taxation of remittances.

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 transaction to a location outside of the United States. Provides an income tax credit to an individual who is 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. Requires the revenue from the international money wiring fee to be deposited in the state general fund. Includes the international money wiring fee under the definition of "listed taxes" that the department of state revenue is required to collect and administer.