Bill > H4251

This bill establishes a new fee structure for money transmission businesses in South Carolina and creates a dedicated funding mechanism for the state's Illegal Immigration Enforcement Unit. Specifically, money transmission businesses and their delegates must collect a fee of $7.50 for transactions up to $500, plus an additional 1.5% for amounts over $500. These fees must be remitted quarterly to the Department of Revenue, which will then direct all revenues into the Illegal Immigration Enforcement Fund. The fund will exclusively support the operations of the Illegal Immigration Enforcement Unit, with funds being expended only after appropriation by the General Assembly. Customers who pay these fees will be entitled to an income tax credit if they file their tax return with a valid Social Security number or taxpayer identification number. The bill also empowers the Department of Revenue to suspend licenses of businesses that fail to file reports or remit fees, and allows the Banking Commissioner to make claims against a licensee's surety bond. If the Illegal Immigration Enforcement Fund is insufficient to cover the unit's expenses, additional funding may come from the state's general fund or other sources as directed by the General Assembly. The bill will take effect upon the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4251&session=126&summary=B