Bill > LD1110

This bill introduces a new fee structure and tax credit system for money transmissions in Maine. The bill requires money transmission licensees or their authorized delegates to collect a fee of $5 for transmissions up to $500 and an additional 3% fee for amounts over $500. These fees must be remitted quarterly to the administrator, who will then deposit them into the General Fund. Licensees who submit fees on time can receive a 0.75% discount on the collected fees. To provide relief to consumers, the bill allows senders of money transmissions to claim a state income tax credit for the full amount of the fee, but only if they file a state income tax return with a valid social security number or tax identification number. The bill also establishes penalties for non-compliance, including the potential suspension or revocation of licenses for licensees who fail to collect and remit fees properly. The new tax credit will be available for tax years beginning on or after January 1, 2026, offering a way for individuals who send money through licensed transmission services to recoup the fees they pay.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1110&snum=132