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Subcommittee approves fee on transfers to foreign countries, sponsor says $10 plus 2% over $500
Summary
The Finance, Ways, and Means subcommittee voted unanimously to send HB 2502 to full finance; sponsor described the bill as creating a $10 per-transaction fee plus 2% on transfers over $500 sent from Tennessee to foreign countries and clarified an exclusion for financial institutions.
Representative Hill told the committee HB 2502 would allow the state to collect a fee on funds leaving Tennessee to a foreign country and described an amendment under consideration. "The bill creates a fee for funds leaving Tennessee to a foreign country. The fee would be $10 per transaction and 2% of funds over $500," the sponsor said during the sponsor presentation.
Members asked whether common money-transfer services and digital payment companies (Venmo, PayPal, Western Union) would be covered or excluded. The sponsor and committee members clarified the bill's exclusion for "financial institutions" was intended to exempt banks, while non-bank money-transfer operators would be subject to the fee. After brief discussion, the clerk reported the vote as 12 ayes, 0 nos and the committee advanced HB 2502 to full finance.
The bill will proceed to the full Finance Committee for fiscal analysis and rule drafting on exemptions and collection mechanisms.
