Mississippi HB362 mandates money transmitters to collect a fee on certain transactions and creates a tax credit for these fees.
Mississippi HB362 requires licensed money transmitters to collect a fee of $5 for each transaction, with an additional 1% fee on amounts exceeding $500. Certain transfers and financial institutions are exempt. The collected fees can be claimed as a tax credit by taxpayers. Failure to comply with the fee requirements may result in license suspension. The act takes effect from January 1, 2026.
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