OK SB1988

Increases fees on international money transmissions (outside U.S. and territories) from $5 to $20 for transactions up to $500, and raises the percentage fee on amounts over $500 from 1% to 4%

Limits the fee to only apply to international transmissions, whereas previously it applied to all money transmissions

Revenues from the fee continue to be deposited into the Drug Money Laundering and Wire Transmitter Revolving Fund

Reauthorizes an income tax credit equal to the amount of fees paid, which was available for tax years 2009-2016 and will now apply again for tax year 2027 and subsequent years

Effective date is January 1, 2027