Bill Text: TX HB4743 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to imposing a tax on certain out-of-state money transmissions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-22 - Referred to Ways & Means [HB4743 Detail]
Download: Texas-2023-HB4743-Introduced.html
| 88R10327 SRA-D | ||
| By: Tinderholt | H.B. No. 4743 | |
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| 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. | ||
