HB2502

Establishes a tax on international money transmission and allocates the revenue for various state funds.

This bill imposes a tax on the transmission of money from Tennessee to locations outside the United States or its territories by entities licensed under the Money Transmission Modernization Act. The tax revenue is deposited into the international money transmission tax fund and must be allocated on July 1 of each year. Twenty-five percent goes to the state general fund, twenty-five percent to counties and metropolitan governments for capital improvement projects and infrastructure expenditures, twenty-five percent to the K-12 education teacher compensation fund for teacher salary increases or.