Indiana 2024 Regular Session

Indiana House Bill HB1296

Introduced
1/10/24  

Caption

Remittance fee for international money wiring.

Impact

If enacted, HB1296 will affect state taxation laws by creating the aforementioned fund that specifically benefits eligible individuals who qualify for property tax credits. Each year, eligible individuals may receive rebates based on the total amount of fees collected from money transfers during the previous year. This creates a direct link between international money transfers and local property tax relief, potentially easing the financial burden on older residents.

Summary

House Bill 1296 establishes the Indiana foreign electronic transfer fees property tax relief fund aimed at providing property tax rebates to qualifying individuals over the age of 65. This bill introduces a fee imposed on the sender of a money transfer if the recipient is situated outside the United States. The funds collected from these fees will contribute to the property tax relief fund managed by the Indiana Department of State Revenue.

Contention

Notably, there may be concerns regarding the implications of taxing money transfers for individuals sending or receiving funds internationally, particularly in relation to immigrants and the broader impacts on those dependent on remittances. Critics may argue that imposing additional fees on these transactions could create barriers for low-income families relying on financial support from abroad. The bill's fiscal administration and the extent of the rebates provided are also likely to be points of discussion among legislators and the public.

Companion Bills

No companion bills found.

Previously Filed As

IN SB0090

Property tax freeze for seniors.

IN SB0458

Money transmitters.

IN HB1499

Various tax matters.

IN HB1185

Real estate land contracts.

IN HB1051

Property tax relief.

IN HB1576

Deadline to apply for standard deduction.

IN SB0046

County option circuit breaker tax credit.

IN SB0355

Property tax matters.

IN HB1454

Department of local government finance.

IN SB0325

Homestead standard deduction.

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