Loading chat...
MS SB2255
Bill
Status
2/23/2011
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
-
Requires entities transmitting wire transfers outside the United States to collect a $5.00 fee per transaction plus 1% of amounts exceeding $500.00
-
Mandates quarterly remittance of collected fees to the Department of Revenue by the 15th day of the month following each calendar quarter
-
Creates a special "Border Fence Fund" in the state treasury to receive all wire transfer fee revenue for assisting in construction of a fence along the U.S.-Mexico border
-
Allows taxpayers an income tax credit equal to wire transfer fees paid, capped at the taxpayer's income tax liability with no carryforward to future years
-
Takes effect July 1, 2011
Legislative Description
Out-of-country wire transfers; impose a fee on, create the Border Fence Fund and deposit revenue into the fund.
Last Action
Died In Committee
2/23/2011