Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Now law
This is now an official law, recorded in the state's law books.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary STATE GOVERNMENTREVENUEGeneral FundK-12 Education FundPOST CommissionFY26-27$34,788,200$34,788,200$34,788,200FY27-28 & Subsequent Years$69,576,500$69,576,500$69,576,500 EXPENDITURESGeneral FundFY26-27$96,400FY27-28 & Subsequent Years$94,700Total Positions Required: 1 LOCAL GOVERNMENTREVENUEMandatoryFY26-27$91,572,800FY27-28 & Subsequent Years$183,145,600 Bill Summary Present law levies a tax on the sales price of certain, specifically described, services. This bill adds the transmitting of money from a location originating in this state to a location outside of the United States or its territories by an entity licensed under the Money Transmission Modernization Act to the services that are subject to such a tax. INTERNATIONAL MONEY TRANSMISSION TAX FUND This bill requires revenues from the tax as described above to be deposited in a special account in the state general fund, called the international money transmission tax fund. All revenue must be retained in this account until the revenue is unencumbered. This bill provides that the revenue becomes unencumbered on July 1st of each year after the expiration of the application period for a refund, as described below. Refunds This bill requires revenues generated from the tax as described above to be subject to a refund upon an application from the individual who paid the tax. Such an application must be submitted to the department of revenue between June 1st and June 30th and include the applicant's social security number or taxpayer identification number and proof of the taxes paid. Allocation of Funds This bill requires unencumbered funds remaining in the international money transmission tax fund to be allocated and distributed on July 1st of each year. Twenty-five percent of the funds must be allocated to the state general fund; 25% must be a
