Bill > HB451

This bill, known as the Withholding Illegal Revenue Entering Drug Markets (WIRED) Act, imposes a 7% remittance transfer fee on money transmissions from customers in Ohio to persons outside the United States. The fee revenue will be deposited into the Withholding Illegal Revenue Entering Drug Markets Fund, which will be used to support local law enforcement efforts related to undocumented immigration, human trafficking, and drug trafficking. The bill also provides a tax credit for taxpayers who pay the remittance transfer fee, up to $2,000 per year. The bill applies to transactions on and after the first day of the first month following its effective date, and the tax credit applies to taxable years ending on or after the effective date.