TAXATION – Adds to existing law to establish an excise tax on international money transmissions and to establish provisions to provide certain credits or refunds of the tax.

This bill creates a new excise tax on international money transfers originating in Idaho, charging a $5 fee plus 4% on amounts over $500 for each transaction. The tax applies to individuals sending money to recipients outside the United States through various methods like wire transfers or electronic payments, but exempts transactions where the sender uses their own bank account or can prove U.S. legal residence with valid identification. Money transmission companies must collect and remit the tax quarterly to the state, while senders receive receipts that explain how they can claim a refund or tax credit. The state tax commission will distribute the collected revenue, with amounts used for refunds going to the state refund account and the remainder funding the general fund.