Bill > HB2502

This bill classifies money transmissions that originate in Tennessee and are sent to locations outside of the United States or its territories as service transactions subject to the state's sales and use tax, with the revenues generated from this tax being allocated to specific purposes. Specifically, it amends Tennessee Code Annotated, Section 67-6-205, to include these international money transmissions under the sales and use tax. The revenues collected will be deposited into a special "international money transmission tax fund" and, after a refund period, will be distributed as follows: twenty-five percent to the state general fund, twenty-five percent to counties and metropolitan governments for capital improvement and infrastructure projects, twenty-five percent to a newly created K-12 education teacher compensation fund for salary increases or bonuses, and twenty-five percent to the Tennessee peace officer standards and training commission for law enforcement officer pay supplements. The bill also makes a technical amendment to the sales and use tax law to account for this new provision and sets different effective dates for rule-making purposes versus other provisions.

Budget and Finance, Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=HB2502&ga=114