Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
House panel advances 2% remittance tax on some anonymous international transfers amid opposition
Summary
The House Revenue and Taxation Committee advanced HB141 (first substitute), which would impose a 2% levy on overseas remittances sent without a government ID; supporters said it targets illicit transfers, while financial-industry witnesses warned it would raise costs, duplicate federal rules and push transactions into informal channels. The committee forwarded the bill 8–2.
The House Revenue and Taxation Committee on Thursday forwarded House Bill 141 (first substitute), a measure that would impose a 2% tax on certain international money transfers from Utah when senders do not present an accepted government-issued ID.
The bill’s sponsor described the proposal as a tool to target illicit flows, including funds linked to cartel activity and fentanyl trafficking, saying the tax would not apply when senders present an authorized ID at the time of transfer. “If you show…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
