Bill > HB0284

This bill establishes a new tax framework for international money transmissions and creates a corresponding tax credit for individuals. Starting January 1, 2026, the bill imposes a 2% tax on money transmitted internationally, which will be paid by the customer and collected by the licensee or authorized agent at the time of transaction. Customers can avoid paying the tax by presenting valid identification, which includes forms such as a U.S. passport, state-issued driver's license, military ID, or resident alien card. Money transmission businesses (licensees) will be required to report the number and total amount of international money transmissions annually to the State Tax Commission and retain records of tax-exempt transactions. Additionally, the bill creates a nonrefundable tax credit for individuals equal to the total amount of international money transmission taxes they paid during the taxable year, which can be claimed on their individual income tax return. The tax revenue generated will be deposited into the General Fund, and the State Tax Commission will administer and enforce the new tax regulations. The bill also requires the commissioner to provide the Tax Commission with an annual list of all licensed money transmission businesses.

Budget and Finance, Government Affairs

https://le.utah.gov/~2025/bills/static/HB0284.html