HB4180 - Relating to imposing a tax on certain money transmissions.

  89R15442 SRA-D     By: Luther H.B. No. 4180       A BILL TO BE ENTITLED   AN ACT   relating to imposing a tax on certain 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 MONEY TRANSMISSIONS   SUBCHAPTER A. GENERAL PROVISIONS           Sec.   164.0001.     DEFINITIONS. In this chapter, "money   transmission" and "money transmission licensee"   have the meanings   assigned by Section 152.003, 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 from this state to a foreign country that is   facilitated by a money transmission licensee.           (b)     The amount of the tax shall be added by the money   transmission licensee 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 25 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 licensee   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 licensee during that   month.           Sec.   164.0024.     REPORTS. On or before the 25th day of each   month, each money transmission licensee 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   licensee is required to collect during the period covered by the   report.           Sec.   164.0025.     RECORDS. Each money transmission licensee   required to collect the tax imposed by this chapter shall keep a   complete record of:                 (1)     the total amount of money transmitted by the   licensee 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, 2025.