Bill > HB0019

This bill classifies money transmission originating in Tennessee to a location outside the United States or its territories as a service transaction subject to the sales and use tax. The bill establishes the "International Money Transmission Tax Fund" and specifies how the revenue generated from this tax should be allocated, including 25% to the state general fund, 25% to counties and metropolitan governments for capital improvements, 25% to a teacher compensation fund, and 25% to the Peace Officer Standards and Training Commission for law enforcement officer pay supplements. The bill takes effect upon becoming law for rule and form promulgation purposes, and on January 1, 2022, for all other purposes.