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Committee adopts proposal to levy fee on some international wire transfers, with tax credit and earmark for law enforcement grants
Summary
A committee substitute for SB 28-28 would charge a $7.50 fee on small international wires (1.5% above $500), refundable as a state income-tax credit for filers; half the revenue would fund specified DPS grant programs while the rest would go to the general fund. An exemption for card- and federally insured-account-funded transfers was added by amendment.
Senator Hill, explaining the committee substitute for SB 28-28, said the measure is “about basic fairness,” proposing a fee on international wire transfers to capture revenue that he said currently bypasses state taxation. Under the bill, transfers below $500 would pay $7.50; transfers above $500 would pay 1.5 percent. Hill said people who file Mississippi income taxes would receive a credit on their return to reclaim the…
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