Banks and Financial Institutions - As enacted, clarifies that the service of transmitting money from a location originating in this state to a location outside of the United States or its territories is a taxable service and that such a tax is generally levied on the amount of money transmitted; requires revenues generated from such a tax to be allocated to certain funds and purposes. - Amends TCA Title 4; Title 38; Title 39; Title 45; Title 47; Title 49 and Title 67.

Summary

The bill makes the act of sending money from Tennessee to a destination outside the United States a taxable service, with the tax based on the amount transmitted. Money collected is placed in a special account and then split equally among the state general fund, counties and metropolitan governments for infrastructure, a new teacher‑pay fund, and a law‑enforcement training supplement. It also allows individuals who paid the tax to apply for a refund within a set window each June.

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