Amends TCA Title 9; Title 38; Title 45, Chapter 7; Title 49 and Title 67.
This bill requires the department of revenue to assess a fee equal to 7 percent, in addition to a fee at the rate of 2.75 percent, on the amount of money transmitted from a location originating in this state to a location outside the United States or its territories by an entity licensed under the Tennessee Money Transmitter Act of 1994. A person transmitting money from inside the United States to outside the United States with such a licensed entity will not be subject to these fees if, at the time of the transaction, the person produces the person's valid Tennessee driver's license, social security number, or taxpayer identification number, and the entity retains a copy for the entity's records. This bill provides that revenues generated from these fees: (1) Must be deposited in a special account in the state general fund and retained until such time as the revenues are unencumbered. Revenues are encumbered on July 1 of each year after the expiration of the refund application period as discussed in (3) below; (2) May be invested by the state treasurer for the sole benefit of the accounts while encumbered; (3) Are subject to refund upon application made by the individual who paid the fees if the application is submitted to the department and includes the applicant's social security number or taxpayer identification number in addition to proof of the fees paid and any additional information required by the department; and (4) Must be allocated and distributed on July 1 of each year to a special account that is created in the state treasury and utilized for salary increases for teachers and other educational staff. This bill will take effect July 1, 2022, and will be repealed on July 1, 2026. For purposes of promulgating rules and forms, this bill takes effect upon becoming a law. Within 75 days of becoming law, the department must promulgate emergency rules to effectuate the purpose of this bill. For other purposes, this bill takes effect July 1, 2022.
This bill requires the department of revenue to assess a fee equal to 7 percent, in addition to a fee at the rate of 2.75 percent, on the amount of money transmitted from a location originating in this state to a location outside the United States or its territories by an entity licensed under the Tennessee Money Transmitter Act of 1994. A person transmitting money from inside the United States to outside the United States with such a licensed entity will not be subject to these fees if, at the time of the transaction, the person produces the person's valid Tennessee driver's license, social security number, or taxpayer identification number, and the entity retains a copy for the entity's records. This bill provides that revenues generated from these fees: (1) Must be deposited in a special account in the state general fund and retained until such time as the revenues are unencumbered. Revenues are encumbered on July 1 of each year after the expiration of the refund application period as discussed in (3) below; (2) May be invested by the state treasurer for the sole benefit of the accounts while encumbered; (3) Are subject to refund upon application made by the individual who paid the fees if the application is submitted to the department and includes the applicant's social security number or taxpayer identification number in addition to proof of the fees paid and any additional information required by the department; and (4) Must be allocated and distributed on July 1 of each year to a special account that is created in the state treasury and utilized for salary increases for teachers and other educational staff. This bill will take effect July 1, 2022, and will be repealed on July 1, 2026. For purposes of promulgating rules and forms, this bill takes effect upon becoming a law. Within 75 days of becoming law, the department must promulgate emergency rules to effectuate the purpose of this bill. For other purposes, this bill takes effect July 1, 2022.
Track Tennessee Legislation Like a Pro
Join hundreds of professionals using LegisGo to stay ahead of legislative changes.
Instant Alerts
Get notified when bills you track move through the legislature
AI Summaries
Understand complex legislation in seconds with AI-powered analysis
Full Access
All 132 legislators, committee schedules, and voting records