Taxation of remittances.

Summary

The bill would require licensed money‑transmission companies to collect a $5 fee on wires of $500 or less, and $5 plus 1 % of the amount over $500 on larger wires sent outside the United States, and to remit the money to Indiana’s general fund. Residents who are U.S. citizens, nationals, or lawful permanent residents and who pay the fee could claim a credit equal to the fee amount on their state income‑tax return. The credit cannot exceed the taxpayer’s liability and cannot be carried forward or refunded.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share