House committee backs 2% fee on some international wire transfers, 7-2

The House Revenue and Taxation Committee voted 7 to 2 on Feb. 19 to pass with a favorable recommendation a second substitute for HB 284, a bill that would require money transmitters to withhold a 2% fee on international wire transfers when the sender does not present a qualifying form of identification.

Sponsor Representative Grama, presenting the bill, said the fee is a way to capture outbound money that does not return to Utah’s economy. “If you are sending a wire transfer to a foreign country and do not show ID, that you are subject to a 2% tax. This is refundable on your tax return,” the sponsor said, adding the fee aims to pick up revenue from people who do not file or remit state income tax and from senders who choose not to show ID.

The bill’s sponsor told the committee the fee is refundable as a…