SB2166

SB2166 amends Tennessee Code to impose a tax on international money transmission and allocates the revenue to various state funds.

SB2166 introduces 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 to be deposited in the international money transmission tax fund within the state general fund. This fund will allocate the revenue on July 1 each year, distributing it to the state general fund, counties and metropolitan governments for capital improvement projects, and a newly created K-12 education teacher compensation fund for teacher salary increases or bonuses.