88R10327 SRA-D
By: Tinderholt H.B. No. 4743
A BILL TO BE ENTITLED
AN ACT
relating to imposing a tax on certain out-of-state money
transmissions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle E, Title 2, Tax Code, is amended by
adding Chapter 164 to read as follows:
CHAPTER 164. TAX ON CERTAIN OUT-OF-STATE MONEY TRANSMISSIONS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 164.0001. DEFINITIONS. In this chapter:
(1) "Money transmission" has the meaning assigned by
Section 151.301, Finance Code.
(2) "Money transmission business" means a person
required to be licensed under Subchapter D, Chapter 151, Finance
Code.
Sec. 164.0002. APPLICATION OF OTHER PROVISIONS OF CODE.
Except as provided by this chapter:
(1) the tax imposed by this chapter is administered,
imposed, collected, and enforced in the same manner as the tax under
Chapter 151 is administered, imposed, collected, and enforced; and
(2) the provisions of Chapter 151 applicable to the
sales tax imposed under Subchapter C, Chapter 151, apply to the tax
imposed by this chapter.
SUBCHAPTER B. IMPOSITION, AMOUNT, AND COLLECTION OF TAX
Sec. 164.0021. TAX IMPOSED. (a) A tax is imposed on each
money transmission out of this state to a foreign country that is
facilitated by a money transmission business.
(b) The amount of the tax shall be added by the money
transmission business to the price charged to the person initiating
the money transmission.
Sec. 164.0022. AMOUNT OF TAX. The amount of the tax is
equal to 10 percent of the amount of the money transmission.
Sec. 164.0023. COLLECTION AND REMITTANCE OF TAX. On or
before the 25th day of each month, each money transmission business
that initiated at least one money transmission subject to the tax
imposed by this chapter during the preceding month shall send to the
comptroller the amount of tax collected by the business during that
month.
Sec. 164.0024. REPORTS. On or before the 25th day of each
month, each money transmission business that initiated at least one
money transmission subject to the tax imposed by this chapter
during the preceding month shall file with the comptroller a report
stating:
(1) the total amount of money transmitted during the
preceding month that is subject to the tax imposed under this
chapter; and
(2) any other information the comptroller finds is
necessary to determine the amount of tax the money transmission
business is required to collect during the period covered by the
report.
Sec. 164.0025. RECORDS. Each money transmission business
required to collect the tax imposed by this chapter shall keep a
complete record of:
(1) the total amount of money transmitted by the
business that is subject to the tax imposed under this chapter; and
(2) any other information required by the comptroller
related to the tax imposed under this chapter.
SUBCHAPTER C. DISPOSITION OF PROCEEDS
Sec. 164.0051. DISPOSITION OF PROCEEDS. The comptroller
shall deposit the proceeds from the collection of the tax imposed
under this chapter to the credit of the general revenue fund.
SECTION 2. This Act takes effect September 1, 2023.