IN HB1229

Licensed money transmitters must collect a fee on international wire transfers: $5 for transfers up to $500, and $5 plus 3% of the amount over $500 for larger transfers

Revenue is split with 20% going to the state general fund and 80% to the renamed Community Based Services Fund to reduce wait lists for family supports and community integration habilitation Medicaid waiver programs, including applied behavior analysis services

U.S. citizens, nationals, and lawful permanent residents who pay the fee may claim a state income tax credit equal to the full amount of fees paid during the taxable year

Money transmitters may retain a 0.73% collection allowance from remitted fees and must file quarterly returns with the department

Effective dates are January 1, 2026 (retroactive) for the tax credit and July 1, 2026 for other provisions; the tax credit provision expires June 30, 2030