TN HB2502

Imposes a new tax on international money transmissions originating in Tennessee and sent to locations outside the United States by licensed money transmitters

Creates the "international money transmission tax fund" to hold revenues, with taxpayers eligible to apply for refunds between June 1-30 each year by providing their SSN or taxpayer ID and proof of taxes paid

Distributes unencumbered revenues on July 1 annually: 25% to state general fund, 25% to counties/metropolitan governments for capital improvements and infrastructure (allocated by population), 25% to a new K-12 teacher compensation fund for salary increases and bonuses, and 25% to Tennessee POST Commission for additional law enforcement pay supplements

Creates the K-12 education teacher compensation fund, with allocations distributed to local education agencies each August 1 per Department of Education rules

Takes effect January 1, 2027 for tax purposes, with immediate effect for rulemaking and forms