Bill Text: AZ HB2677 | 2011 | Fiftieth Legislature 1st Regular | Introduced
Bill Title: International money wire transfer assessment
Spectrum: Partisan Bill (Republican 5-0)
Status: (Failed) 2011-02-16 - House MAPS Committee action: Held [HB2677 Detail]
Download: Arizona-2011-HB2677-Introduced.html
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REFERENCE TITLE: international money wire transfer assessment |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2677 |
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Introduced by Representatives Ugenti: Burges, Carter, Crandell, Smith D
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AN ACT
Amending title 42, chapter 5, Arizona Revised Statutes, by adding article 9; amending title 43, chapter 10, article 5, Arizona Revised Statutes, by adding section 43-1086.01; relating to wire transfers of money.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 42, chapter 5, Arizona Revised Statutes, is amended by adding article 9, to read:
ARTICLE 9. INTERNATIONAL MONEY WIRE TRANSFER ASSESSMENT
42-5401. Levy of tax
A. There is levied and the department shall collect an assessment on any entity that transmits wire transfers of money. The assessment is levied at a rate prescribed by the director for each wire transfer of money transaction that is transmitted to a location outside the United States plus a percentage prescribed by the director of the amount of the transaction that exceeds five hundred dollars.
B. The taxpayer shall pay the assessment to the department at the same time as paying the transaction privilege tax under section 42-5064. If the taxpayer for any reason does not pay transaction privilege tax, the assessment imposed by this article is due and payable to the department, and is delinquent if not paid, as provided in section 42-5014, subsection A.
42-5402. Administration
Unless the context otherwise requires, article 1 of this chapter governs the administration, collection and enforcement of the assessment imposed by this article, except that:
1. If the taxpayer is subject to the transaction privilege tax:
(a) A separate license and bond are not required for the assessment imposed by this article, but the assessment due under this article shall be included, reported and paid with the transaction privilege tax, with a separate accounting for the assessment imposed by this article.
(b) The assessment imposed by this article may be included without segregation in any notice and lien filed for unpaid transaction privilege taxes.
2. A separate bond is not required of employees of the department in administering this article.
42-5403. Disposition of revenue; border security fund; exemption
A. The department shall separately account for monies paid under this article and shall deposit the net revenues in the border security fund established by this section.
B. The border security fund is established consisting of monies deposited pursuant to this section.
C. Monies in the fund shall be used to purchase equipment and employ personnel and for the construction of a fence along the border between this state and Mexico.
D. Monies in the fund are subject to legislative appropriation and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.
Sec. 2. Title 43, chapter 10, article 5, Arizona Revised Statutes, is amended by adding section 43-1086.01, to read:
43-1086.01. Credit for international money wire transfer assessment
A credit is allowed against the taxes imposed by this title in the amount paid by the taxpayer as international money wire transfer assessment during the taxable year pursuant to title 42, chapter 5, article 9. The amount of the credit allowed by this section shall not exceed the taxpayer's income tax liability under this title.
