Bill > SB0202

This bill requires money transmitters, which are entities licensed under the Money Transmission Modernization Act, to collect and remit an "international money wiring fee" from individuals sending money outside of the United States, with the fee being $5 for transactions up to $500 and 1% of the amount exceeding $500 plus $5 for larger transactions. This fee will be deposited into the state general fund and is now considered a "listed tax," meaning the department of state revenue is responsible for its collection and administration. To offset this new fee, individuals who are U.S. citizens, nationals, lawful permanent residents, or conditional permanent residents and pay this fee will be eligible for an income tax credit equal to the amount of the fee paid, though the credit cannot exceed their tax liability and unused portions cannot be carried forward or refunded. This new fee and credit system will take effect on July 1, 2026, with the credit applying retroactively to taxable years beginning after December 31, 2025, and the provision for the credit expiring on June 30, 2030.

Business and Industry

https://iga.in.gov/legislative/2026/bills/senate/202/details