Kansas 2023-2024 Regular Session

Kansas House Bill HB2710

Introduced
2/6/24  
Refer
2/6/24  

Caption

Imposing an excise tax on each transaction by a money transmitter by wire, establishing an income tax credit for excise taxes paid, allowing the state bank commissioner to assess penalties for the nonpayment of such excise tax, providing for the distribution of such excise tax and penalty moneys, establishing the criminal litigation fund, wire transfer fee fund and prosecutor and law enforcement grant fund and creating a misdemeanor crime of unlawful transmission of a wire transfer and providing criminal penalties therefor.

Impact

The bill will notably impact the regulatory landscape surrounding money transmission in Kansas. By establishing strict reporting and payment protocols for money transmitters, it aims to enhance oversight and compliance within this sector. The state bank commissioner will have the authority to assess penalties for noncompliance, potentially increasing accountability but also imposing financial responsibilities on money transmitters. These provisions will significantly alter how businesses engaged in money transmission operate within the state.

Summary

House Bill 2710 imposes an excise tax on each transaction executed by a wire money transmitter, targeting transactions of $500 or less and setting a percentage-based tax for larger amounts. This new tax aims to create a new revenue stream for the state, with specific allocations for various funds including those for criminal litigation, wire transfer fees, and law enforcement grants. It also provides a tax credit against Kansas income tax that reflects any excise taxes paid, allowing taxpayers some relief from the proposed new tax burden.

Contention

A point of contention surrounding HB 2710 is its provision creating a misdemeanor for unlawful transmission of wire transfers, which may disproportionately affect certain populations, particularly those involved in informal financial transactions. Critics argue that the bill may unintentionally criminalize behavior that is commonplace among certain demographics. Moreover, the allocation of tax revenues to specific funds, while aiming to support law enforcement and prosecution, faces scrutiny regarding its effectiveness and potential misuse.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2337

Imposing a fee on each international transaction by a money transmitter by wire, allowing the state bank commissioner to assess penalties for the nonpayment of such fee, providing for the distribution of such fee and penalty moneys, establishing the criminal litigation fund, wire transfer fee fund and prosecutor and law enforcement grant fund and creating a misdemeanor crime of unlawful transmission of a wire transfer and providing criminal penalties therefor.

KS SF73

A bill for an act relating to marijuana, including the manufacture, delivery, and possession of marijuana and the licensure of retail marijuana, providing fees, including excise taxes, establishing funds, and including penalties.

KS SB3095

Tax; cut income and grocery taxes, increase fuel excise tax, and adjust distribution of certain fuel and sales taxes.

KS HF442

A bill for an act relating to marijuana, including the manufacture, delivery, and possession of marijuana, the licensure of retail marijuana, and medical cannabis, providing fees, including excise taxes, establishing funds, providing penalties, and including effective date provisions.

KS HB4183

Relating to state and municipal motor fuel taxes; providing civil penalties; creating criminal offenses; requiring occupational licenses; authorizing the imposition of taxes; providing for increases and decreases in the rates of taxes.

KS HB2226

Relating to state and municipal motor fuel taxes; providing civil penalties; creating criminal offenses; requiring occupational licenses; authorizing the imposition of taxes; providing for increases and decreases in the rates of taxes.

KS HB2613

Creating the statewide drug abuse resistance education (D.A.R.E.) program educator position, establishing the drug abuse resistance education fund and providing funding for such fund by annual transfer of state moneys.

KS HB2113

Establishing the state conservation fund and transferring $2,500,000 to such fund and providing for the enhanced transfer of moneys from the state general fund to the state water plan fund and from the state water plan fund to the water technical assistance fund and the water project grant fund.

KS SB472

Creating the crime of unlawful sexual communication and providing criminal penalties therefor.

KS HB2541

Establishing the state conservation fund, the working lands conservation fund, the wildlife conservation fund and the Kansas outdoors fund, providing for the use of moneys from such funds, requiring certain reports to the governor and the legislature and authorizing certain transfers to and from such funds.

Similar Bills

KS HB2337

Imposing a fee on each international transaction by a money transmitter by wire, allowing the state bank commissioner to assess penalties for the nonpayment of such fee, providing for the distribution of such fee and penalty moneys, establishing the criminal litigation fund, wire transfer fee fund and prosecutor and law enforcement grant fund and creating a misdemeanor crime of unlawful transmission of a wire transfer and providing criminal penalties therefor.

AZ SB1580

Money transmission; money transmitter licensure

LA HB586

Provides with respect to a tax on the transmission of money and a tax credit for payment of the tax

LA HB539

Imposes a tax on the transmission of certain money and creates a special fund for the disposition of the avails of the tax (OR +$30,000,000 SD RV See Note)

IL HB3479

FINANCIAL REGULATION-VARIOUS

MS SB2603

Digital Asset Mining Protection Act; create.

MS HB848

Mississippi Digital Asset Mining Act; create.

MS HB1044

Mississippi Bullion Depository; establish.