H.B. 451 Summary

• Imposes a 7% remittance transfer fee on money transmissions from Ohio to persons outside the United States, collected by licensees and authorized delegates.

• Creates the "withholding illegal revenue entering drug markets fund" to receive all collected fees, with funds distributed by the superintendent of financial institutions and director of public safety.

• Authorizes law enforcement agencies to receive grants from the fund to cover costs related to undocumented immigration, human trafficking, and drug trafficking.

• Provides a refundable income tax credit up to $2,000 per year for taxpayers who pay remittance transfer fees, claimed in a specified order within the state's tax code.

• Establishes quarterly reporting requirements for money transmitters and requires businesses to post notices informing customers of the available tax credit.