Wire transmission fee; increasing fee; modifying application; reauthorizing income tax credit. Effective date.

Summary

The bill tells money‑transmission companies to charge a $5 or $20 fee per transaction up to $500 and to add a 1%‑4% charge on any amount over $500, with the money sent to a drug‑money‑laundering fund. It also brings back an income‑tax credit that lets individuals and businesses deduct the fees they paid, usable for tax years 2009‑2016 and from 2027 onward. The measure did not pass the committee.

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

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