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House approves fees on international money transfers to fund state priorities
Summary
The House passed House Bill 2502 imposing a $10 fee on transfers to foreign countries and 2% on transfers over $500 (banks exempt), with revenue earmarked for the general fund, child care assistance, workforce housing and a teacher internship fund.
Rep. Hill urged passage of House Bill 2502 on third consideration, saying the measure creates a fee structure for money transfers to foreign countries: a flat $10 per transaction and 2% on transfers exceeding $500. The legislation exempts banks and financial institutions and applies to licensed money transmitters. Hill said 20% of revenue will be allocated to the general fund, with other portions directed to child‑care assistance, workforce housing initiatives and a teacher internship fund.
Floor lawmakers moved previous question and objections were resolved; the bill passed, Ayes 68, Noes 21, three present not voting. Supporters framed the change as recapturing funds leaving the state to fund tangible Tennessee programs. The bill as discussed does not apply to banks and did not identify an administrative implementation schedule during floor remarks.
Next steps: House passage sends the bill to the Senate (or, if it is the product of a Senate bill conformed on the floor, to enrollment and then to the governor).
