08 LC 18
7378S
The
House Committee on Ways and Means offers the following substitute to HB
1028:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 11 of Chapter 1 of Title 7 of the Official Code of Georgia
Annotated, relating to records and reports of currency transactions, so as to
provide for a fee with respect to wire transmission of money; to provide for
procedures, conditions, and limitations; to provide for legislative intent; to
prohibit certain conduct to avoid or evade such fee; to provide for powers,
duties, and authority of the commissioner of banking and finance with respect to
the foregoing; to amend Article 2 of Chapter 7 of Title 48 of the Official Code
of Georgia Annotated, relating to the imposition, rate, and computation of
income tax, so as to provide for an income tax credit with respect to money
transmission fees; to provide for conditions and limitations; to provide for
powers, duties, and authority of the state revenue commissioner with respect to
the foregoing; to provide an effective date; to provide for applicability; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
11 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating
to records and reports of currency transactions, is amended by adding a new
Code section to read as follows:
"7-1-912.1.
(a)
Any authorized agent of a licensee or any money transmission business which is
subject to licensure under Article 4 of this chapter which receives money for
wire transmission transactions conducted at a location in this state for
transmission to another country shall collect from the customer a fee in the
amount of 2 percent of the amount of money being transmitted for each single
transaction in which less than $10,000.00 is transmitted. The fee required
under this subsection is in addition to and not in lieu of other applicable
money transmitter fees and such fee shall not be deemed to be a cap or other
limitation regarding such other fees.
(b)
Such money transmission business shall give the customer a receipt setting
forth:
(1)
The date the order was placed;
(2)
The amount of the fee;
(3)
The dollar amount of the transmission order;
(4)
The sender name and address;
(5)
The name of the licensee registered with the department;
(6)
The agent´s identifier information; and
(4)
The statement 'Keep this receipt with your records. If you file a Georgia
income tax return you may claim an income tax credit for the full amount of the
money transmission fee.'
(c)
Each money transmission business required to collect the fee under this Code
section shall file a semiannual return with the commissioner reporting the
amount of fees due and collected. In reporting such fees to the commissioner a
money transmission business shall be allowed to deduct and retain an amount
equal to 20 percent of each fee collected to defray the costs of collection.
Such fees shall be paid electronically to the commissioner in the form of an
automated clearing house debit. The commissioner shall semiannually remit such
fees to the general fund of the state.
(d)
Subject to the general appropriations process, it is the intent of the General
Assembly that an amount equal to the amount of funds derived from the fees
collected under this Code section shall be utilized for trauma care
programs.
(e)
The commissioner shall provide by rule or regulation for the implementation of
this Code section including, but not limited to, any appropriate administrative
actions or fines for neglecting, failing, or refusing to comply with the
requirements of this Code section."
SECTION
2.
Article
2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to the imposition, rate, and computation of income tax, is amended by adding a
new Code section to read as follows:
"48-7-29.13.
(a)
As used in this Code section, the term 'money transmission fee' means only the
additional 2 percent fee imposed and collected pursuant to subsection (a) of
Code Section 7-1-912.1 and not any other money transmission fee, but only if
such 2 percent fee is identified separately on the taxpayer´s transaction
receipt.
(b)
A taxpayer shall be allowed a credit against the tax imposed by this chapter in
an amount not to exceed the actual amount expended for money transmission
fees.
(c)
In no event shall the total amount of the tax credit under this Code section for
a taxable year exceed the taxpayer´s income tax liability. Any unused tax
credit shall be allowed the taxpayer against succeeding years´ tax
liability. No such credit shall be allowed the taxpayer against prior
years´ tax liability.
(d)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
SECTION
3.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval, and Section 2 of this Act shall be
applicable to all taxable years beginning on or after January 1,
2008.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.