Idaho S1440 establishes an excise tax on international money transmissions and provides for credits or refunds of the tax.

Idaho S1440 amends the Idaho Code to impose an excise tax on international money transmissions. The tax is set at $5 for the first $500 of each transaction, plus 4% of the transaction amount exceeding $500. The tax is collected by licensees or their authorized representatives. The bill also establishes provisions for income tax credits or refunds for the excise tax paid, applicable to taxpayers who file an Idaho income tax return and provide proof of legal residence in the United States.

Idaho S1440 establishes an excise tax on international money transmissions and provides for credits or refunds of the tax.

Idaho S1440 amends the Idaho Code to impose an excise tax on international money transmissions. The tax is set at $5 for the first $500 of each transaction, plus 4% of the transaction amount exceeding $500. The tax is collected by licensees or their authorized representatives. The bill also establishes provisions for income tax credits or refunds for the excise tax paid, applicable to taxpayers who file an Idaho income tax return and provide proof of legal residence in the United States.