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NC H64

Bill

Official Source

Status

Introduced

2/7/2023

Primary Sponsor

George Cleveland

Click for details

Origin

House of Representatives

2023-2024 Session

AI Summary

  • Imposes a 4% fee on all international wire transfers of money originating in North Carolina, in addition to all other taxes
  • Wire transfer businesses are classified as retailers and must collect the fee from customers, then administer the fee using the same procedures as sales and use taxes
  • Retailers collecting the fee must provide receipts to customers stating the wire transfer amount and fee collected
  • Makes it a Class 1 misdemeanor to transfer money domestically by wire to another person for subsequent international transfer as a method to avoid the fee
  • Becomes effective July 1, 2023, and applies to wire transfers made on or after that date

Legislative Description

Fee on Wire Transfers

Commerce; Fees; Financial Services; Information Technology; Internet; Public; Telecommunications; Teleservices

Last Action

Ref to the Com on Banking, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House

2/8/2023

Committee Referrals

Banking2/8/2023

Full Bill Text

No bill text available