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A BILL TO BE ENTITLED
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AN ACT
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relating to imposing a tax on certain out-of-state money |
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transmissions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle E, Title 2, Tax Code, is amended by |
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adding Chapter 164 to read as follows: |
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CHAPTER 164. TAX ON CERTAIN OUT-OF-STATE MONEY TRANSMISSIONS |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 164.0001. DEFINITIONS. In this chapter: |
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(1) "Money transmission" has the meaning assigned by |
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Section 151.301, Finance Code. |
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(2) "Money transmission business" means a person |
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required to be licensed under Subchapter D, Chapter 151, Finance |
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Code. |
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Sec. 164.0002. APPLICATION OF OTHER PROVISIONS OF CODE. |
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Except as provided by this chapter: |
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(1) the tax imposed by this chapter is administered, |
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imposed, collected, and enforced in the same manner as the tax under |
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Chapter 151 is administered, imposed, collected, and enforced; and |
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(2) the provisions of Chapter 151 applicable to the |
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sales tax imposed under Subchapter C, Chapter 151, apply to the tax |
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imposed by this chapter. |
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SUBCHAPTER B. IMPOSITION, AMOUNT, AND COLLECTION OF TAX |
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Sec. 164.0021. TAX IMPOSED. (a) A tax is imposed on each |
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money transmission out of this state to a foreign country that is |
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facilitated by a money transmission business. |
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(b) The amount of the tax shall be added by the money |
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transmission business to the price charged to the person initiating |
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the money transmission. |
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Sec. 164.0022. AMOUNT OF TAX. The amount of the tax is |
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equal to 10 percent of the amount of the money transmission. |
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Sec. 164.0023. COLLECTION AND REMITTANCE OF TAX. On or |
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before the 25th day of each month, each money transmission business |
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that initiated at least one money transmission subject to the tax |
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imposed by this chapter during the preceding month shall send to the |
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comptroller the amount of tax collected by the business during that |
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month. |
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Sec. 164.0024. REPORTS. On or before the 25th day of each |
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month, each money transmission business that initiated at least one |
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money transmission subject to the tax imposed by this chapter |
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during the preceding month shall file with the comptroller a report |
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stating: |
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(1) the total amount of money transmitted during the |
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preceding month that is subject to the tax imposed under this |
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chapter; and |
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(2) any other information the comptroller finds is |
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necessary to determine the amount of tax the money transmission |
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business is required to collect during the period covered by the |
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report. |
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Sec. 164.0025. RECORDS. Each money transmission business |
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required to collect the tax imposed by this chapter shall keep a |
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complete record of: |
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(1) the total amount of money transmitted by the |
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business that is subject to the tax imposed under this chapter; and |
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(2) any other information required by the comptroller |
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related to the tax imposed under this chapter. |
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SUBCHAPTER C. DISPOSITION OF PROCEEDS |
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Sec. 164.0051. DISPOSITION OF PROCEEDS. The comptroller |
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shall deposit the proceeds from the collection of the tax imposed |
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under this chapter to the credit of the general revenue fund. |
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SECTION 2. This Act takes effect September 1, 2023. |