Bill > HB149

This bill, known as Ohio's Withholding Illegal Revenue Entering Drug Markets (WIRED) Act, establishes a new 3% transfer fee on money transmissions within Ohio and creates a corresponding tax credit for customers who pay these fees. The bill requires money transmission licensees and their authorized delegates to collect the fee and provide customers with an itemized receipt showing the transfer fee as a separate line item. These collected fees will be deposited into a new state fund called the "withholding illegal revenue entering drug markets fund," which will be used to provide grants to law enforcement agencies for investigating human trafficking and drug trafficking. Customers who pay these transfer fees can claim a tax credit of up to $300 per year on their state income taxes, with the credit being fully refundable if it exceeds the taxpayer's tax liability. The bill also requires money transmission businesses to post notices informing customers about the available tax credit and mandates that the tax commissioner certify the total amount of credits claimed each year. The transfer fee will apply to transactions beginning the first month after the bill's effective date, and the tax credit provisions will apply to taxable years ending on or after the effective date.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb149