| 1 | 1 | | 88R10327 SRA-D |
|---|
| 2 | 2 | | By: Tinderholt H.B. No. 4743 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to imposing a tax on certain out-of-state money |
|---|
| 8 | 8 | | transmissions. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Subtitle E, Title 2, Tax Code, is amended by |
|---|
| 11 | 11 | | adding Chapter 164 to read as follows: |
|---|
| 12 | 12 | | CHAPTER 164. TAX ON CERTAIN OUT-OF-STATE MONEY TRANSMISSIONS |
|---|
| 13 | 13 | | SUBCHAPTER A. GENERAL PROVISIONS |
|---|
| 14 | 14 | | Sec. 164.0001. DEFINITIONS. In this chapter: |
|---|
| 15 | 15 | | (1) "Money transmission" has the meaning assigned by |
|---|
| 16 | 16 | | Section 151.301, Finance Code. |
|---|
| 17 | 17 | | (2) "Money transmission business" means a person |
|---|
| 18 | 18 | | required to be licensed under Subchapter D, Chapter 151, Finance |
|---|
| 19 | 19 | | Code. |
|---|
| 20 | 20 | | Sec. 164.0002. APPLICATION OF OTHER PROVISIONS OF CODE. |
|---|
| 21 | 21 | | Except as provided by this chapter: |
|---|
| 22 | 22 | | (1) the tax imposed by this chapter is administered, |
|---|
| 23 | 23 | | imposed, collected, and enforced in the same manner as the tax under |
|---|
| 24 | 24 | | Chapter 151 is administered, imposed, collected, and enforced; and |
|---|
| 25 | 25 | | (2) the provisions of Chapter 151 applicable to the |
|---|
| 26 | 26 | | sales tax imposed under Subchapter C, Chapter 151, apply to the tax |
|---|
| 27 | 27 | | imposed by this chapter. |
|---|
| 28 | 28 | | SUBCHAPTER B. IMPOSITION, AMOUNT, AND COLLECTION OF TAX |
|---|
| 29 | 29 | | Sec. 164.0021. TAX IMPOSED. (a) A tax is imposed on each |
|---|
| 30 | 30 | | money transmission out of this state to a foreign country that is |
|---|
| 31 | 31 | | facilitated by a money transmission business. |
|---|
| 32 | 32 | | (b) The amount of the tax shall be added by the money |
|---|
| 33 | 33 | | transmission business to the price charged to the person initiating |
|---|
| 34 | 34 | | the money transmission. |
|---|
| 35 | 35 | | Sec. 164.0022. AMOUNT OF TAX. The amount of the tax is |
|---|
| 36 | 36 | | equal to 10 percent of the amount of the money transmission. |
|---|
| 37 | 37 | | Sec. 164.0023. COLLECTION AND REMITTANCE OF TAX. On or |
|---|
| 38 | 38 | | before the 25th day of each month, each money transmission business |
|---|
| 39 | 39 | | that initiated at least one money transmission subject to the tax |
|---|
| 40 | 40 | | imposed by this chapter during the preceding month shall send to the |
|---|
| 41 | 41 | | comptroller the amount of tax collected by the business during that |
|---|
| 42 | 42 | | month. |
|---|
| 43 | 43 | | Sec. 164.0024. REPORTS. On or before the 25th day of each |
|---|
| 44 | 44 | | month, each money transmission business that initiated at least one |
|---|
| 45 | 45 | | money transmission subject to the tax imposed by this chapter |
|---|
| 46 | 46 | | during the preceding month shall file with the comptroller a report |
|---|
| 47 | 47 | | stating: |
|---|
| 48 | 48 | | (1) the total amount of money transmitted during the |
|---|
| 49 | 49 | | preceding month that is subject to the tax imposed under this |
|---|
| 50 | 50 | | chapter; and |
|---|
| 51 | 51 | | (2) any other information the comptroller finds is |
|---|
| 52 | 52 | | necessary to determine the amount of tax the money transmission |
|---|
| 53 | 53 | | business is required to collect during the period covered by the |
|---|
| 54 | 54 | | report. |
|---|
| 55 | 55 | | Sec. 164.0025. RECORDS. Each money transmission business |
|---|
| 56 | 56 | | required to collect the tax imposed by this chapter shall keep a |
|---|
| 57 | 57 | | complete record of: |
|---|
| 58 | 58 | | (1) the total amount of money transmitted by the |
|---|
| 59 | 59 | | business that is subject to the tax imposed under this chapter; and |
|---|
| 60 | 60 | | (2) any other information required by the comptroller |
|---|
| 61 | 61 | | related to the tax imposed under this chapter. |
|---|
| 62 | 62 | | SUBCHAPTER C. DISPOSITION OF PROCEEDS |
|---|
| 63 | 63 | | Sec. 164.0051. DISPOSITION OF PROCEEDS. The comptroller |
|---|
| 64 | 64 | | shall deposit the proceeds from the collection of the tax imposed |
|---|
| 65 | 65 | | under this chapter to the credit of the general revenue fund. |
|---|
| 66 | 66 | | SECTION 2. This Act takes effect September 1, 2023. |
|---|