Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 284 (2025GS)

Sponsor

Rep. Gricius, Stephanie

Final action

House/ filed 3/7/2025

Outcome

Failed / filed without passage

Summary

What it does

• This bill:
• defines terms;
• imposes a tax on international money transmissions on or after a certain date;
• exempts an international money transmission from the tax if the customer requesting the transaction presents valid identification;
• requires the tax to be stated separately on an invoice or receipt;
• requires licensed money transmitters to remit collected taxes quarterly and report annually to the State Tax Commission;
• provides for the State Tax Commission's administration of the tax;
• enacts a nonrefundable income tax credit for individuals who pay the tax;
• requires the commissioner of the Department of Financial Institutions to annually provide a list of all licensed money transmitters to the State Tax Commission; and
• makes technical changes.

Every vote on this bill

Bill text

22
7-25-501
7-25-502
59-10-1002.2
59-10-1048
International Money Transmission Amendments
2025 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Stephanie Gricius
Senate Sponsor: Daniel McCay
LONG TITLE
General Description:
This bill enacts a fee and income tax credit in relation to international money transmissions.
Highlighted Provisions:
This bill:
defines terms;
requires customers requesting an international money transmission from a licensed money 
transmitter to pay a fee on the transaction unless the customer presents valid 
identification;
requires money transmitters to remit fee revenue to the Department of Financial 
Institutions on a quarterly basis and post a notice regarding the fee;
provides for the deposit and use of fee revenue;
authorizes the Commissioner of Financial Institutions to make rules to administer the fee 
and impose penalties on a money transmitter for failing to comply with the fee 
requirements;
enacts a nonrefundable income tax credit for individuals who pay the international money 
transmission fee equal to the aggregate amount of fees paid during the taxable year; and
makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
This bill provides retrospective operation.
Utah Code Sections Affected:
AMENDS:
59-10-1002.2
, (Effective 05/07/25) (Applies beginning 01/01/25) as last amended by 
Laws of Utah 2023, Chapters 460, 462
ENACTS:
7-25-501
, (Effective 05/07/25) Utah Code Annotated 1953
7-25-502
, (Effective 05/07/25) Utah Code Annotated 1953
59-10-1048
, (Effective 05/07/25) (Applies beginning 01/01/25) Utah Code Annotated 
1953
Be it enacted by the Legislature of the state of Utah:
Section 1, Section 
7-25-501
 is enacted to read:
5. International Money Transmission Fee
7-25-501 (Effective 05/07/25). Definitions.
As used in this part:
(1)
"Foreign country" means a jurisdiction other than:
(a)
the United States; or
(b)
a state, district, commonwealth, territory, or insular possession of the United States.
(2)
"International money transmission" means a money transmission transaction in which 
money is transmitted to a foreign country.
(3)
(a)
"Valid identification" means any of the following non-expired forms of 
identification:
(i)
a United States passport or passport card;
(ii)
a state-issued driver license;
(iii)
a state-issued identification card;
(iv)
a United States military identification;
(v)
a state-issued concealed carry permit;
(vi)
a United States resident alien card;
(vii)
an identification of a federally recognized Indian tribe; or
(viii)
a United States visa that is classified as H-2A or H-2B.
(b)
"Valid identification" does not include a Utah driving privilege card.
Section 2, Section 
7-25-502
 is enacted to read:
7-25-502 (Effective 05/07/25). Fee imposed on international money transmissions 
-- Rate -- Exemption -- Collection, remittance, and deposit of fee revenue -- Posting of 
notice -- Administration.
(1)
Except as provided in Subsection (2), beginning July 1, 2025, a customer requesting an 
international money transmission from a licensee shall pay a fee in an amount equal to 
2% of the amount of the transaction.
(2)
A customer is exempt from paying the fee described in Subsection 
(1)
 if the customer 
presents valid identification to the licensee at the time the international money 
transmission is requested.
(3)
A licensee shall remit all fees collected under this section to the department on a 
quarterly basis using a form prescribed by the department.
(4)
Fee revenue shall be deposited into the General Fund as dedicated credits to be used by 
the department for the administration and enforcement of this chapter.
(5)
A licensee shall post a notice in a conspicuous place stating that:
(a)
a customer who requests an international money transmission is required to pay the 
fee described in Subsection 
(1)
 unless the customer presents valid identification to 
the licensee; and
(b)
a customer who pays the fee described in Subsection (1) may claim a tax credit in 
accordance with Section 
59-10-1048
.
(6)
The commissioner may:
(a)
in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, 
make rules that specify:
(i)
procedures and requirements for the collection, reporting, and remittance of fees 
under this section; and
(ii)
requirements for the notice described in Subsection (5); and
(b)
impose penalties on a licensee under Section 
7-25-405
 if the commissioner 
determines that the licensee has failed to comply with the requirements of this section 
or any rules adopted under Subsection 
(6)(a)
.
Section 3, Section 
59-10-1002.2
 is amended to read:
59-10-1002.2 (Effective 05/07/25) (Applies beginning 01/01/25). Apportionment 
of tax credits.
(1)
A nonresident individual or a part-year resident individual that claims a tax credit in 
accordance with Section 
59-10-1017
, 
59-10-1018
, 
59-10-1019
, 
59-10-1022
, 
59-10-1023
, 
59-10-1024
, 
59-10-1028
, 
59-10-1042
, 
59-10-1043
, 
59-10-1044
, 
59-10-1046
, 
or 
59-10-1047
, or 
59-10-1048
 may only claim an apportioned amount of the tax credit 
equal to:
(a)
for a nonresident individual, the product of:
(i)
the state income tax percentage for the nonresident individual; and
(ii)
the amount of the tax credit that the nonresident individual would have been 
allowed to claim but for the apportionment requirements of this section; or
(b)
for a part-year resident individual, the product of:
(i)
the state income tax percentage for the part-year resident individual; and
(ii)
the amount of the tax credit that the part-year resident individual would have been 
allowed to claim but for the apportionment requirements of this section.
(2)
A nonresident estate or trust that claims a tax credit in accordance with Section 
59-10-1017
, 
59-10-1020
, 
59-10-1022
, 
59-10-1024
, or 
59-10-1028
 may only claim an 
apportioned amount of the tax credit equal to the product of:
(a)
the state income tax percentage for the nonresident estate or trust; and
(b)
the amount of the tax credit that the nonresident estate or trust would have been 
allowed to claim but for the apportionment requirements of this section.
Section 4, Section 
59-10-1048
 is enacted to read:
59-10-1048 (Effective 05/07/25) (Applies beginning 01/01/25). Nonrefundable tax 
credit for payment of international wire transfer fees.
(1)
As used in this section, "international money transmission fee" means the fee imposed 
by Section 
7-25-502
.
(2)
Subject to Section 
59-10-1002.2
, a claimant who pays an international money 
transmission fee may claim a nonrefundable tax credit in an amount equal to the 
aggregate amount of international money transmission fees paid by the claimant during 
the taxable year.
(3)
A claimant may not carry forward or carry back the amount of the tax credit under this 
section that exceeds the claimant's tax liability for the taxable year.
Section 5. 
Effective Date.
This bill takes effect on 
May 7, 2025
.
Section 6. 
Retrospective operation.
The following sections have retrospective operation for a taxable year beginning on or 
after January 1, 2025:
(1)
Section 
59-10-1002.2
; and
(2)
Section 
59-10-1048
.
1-20-25 1:40 PM