State representative proposes Out-of-State Money Transfer Fee bi - CBS46 News

State representative proposes Out-of-State Money Transfer Fee bill

Posted: Updated:
Source: WGCL Source: WGCL
ATLANTA (CBS46) -

Representative Jeff Jones has introduced a bill during the 2017 legislative session that would impose a 2% tax on all wire transfers out of the state of Georgia.

The Out-of-State Money Transfer Fee bill proposes that wire transfer companies shall collect a fully refundable fee on out-of-state wire transfers. The fee would be 100% reimbursable as a tax credit when an individual files their annual Georgia Income Tax, or when the individual files their annual Georgia Income Tax, or when the individual files the proper paperwork.

Businesses such as bank, wire transfer companies, and realtors will be exempt from the fee.

According to estimates reported by Jones, the legislation could generate between $30 and $40 million in net revenue annually for the state of Georgia.

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