Enact Withholding Illegal Revenue Entering Drug Markets Act
Impact
If enacted, HB 451 would modify existing sections of the Revised Code, creating not only a new fee but also a mechanism for income tax credits for individuals who pay remittance transfer fees. Specifically, taxpayers would be able to claim credits equal to the amount they have paid in such fees during the tax year, although there would be a cap of $2,000 on the amount of credit that can be claimed. This change aims to alleviate the financial burden on individuals who utilize remittance services while simultaneously serving law enforcement funding needs.
Summary
House Bill 451, dubbed the Withholding Illegal Revenue Entering Drug Markets (WIRED) Act, seeks to impose a remittance transfer fee of seven percent on money transmitted from Ohio customers to individuals outside the United States. This fee aims to generate revenue that will be allocated to support local law enforcement agencies. As part of the bill, these agencies could receive grants to help combat issues related to undocumented immigration, human trafficking, and drug trafficking, utilizing the funds generated from the remittance fees.
Contention
Notably, the bill may face criticism from various stakeholders. Some may argue that imposing a remittance fee disproportionately impacts lower-income families, particularly immigrant communities who rely on sending money abroad. Furthermore, opponents of the bill might raise concerns about the implementation of such a fee, drawing parallels to the taxation of services essential to immigrant populations. The contention lies not only in the operational aspects of collecting these fees but also in the broader implications for communities that depend on these monetary transfers for economic stability.
Individual income tax: revenue distributions; earmark of withholding tax capture revenues into the more jobs for Michigan fund; provide for. Amends secs. 51f & 711 of 1967 PA 281 (MCL 206.51f & 206.711).
Modifies collective Statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.
Modifies collective statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.