HB3453 would create a new article in West Virginia law requiring money transmission businesses, wire transmitters, money transmitters, and their authorized delegates to collect a fee on international money transfers. The fee would be $5 for each transaction up to $500, plus 3% of any amount above $500. The bill directs these fees to be remitted quarterly to the Secretary of the West Virginia Department of Revenue, with a small timely-filing discount available to transmitters that file and pay on time.
The bill also requires licensees and delegates to post notice telling customers that they may claim an income tax credit equal to the fee paid, provided they file an individual income tax return with a valid Social Security number or taxpayer identification number. Revenue collected under the bill would go into the state general fund, and the Department of Revenue would be authorized to adopt rules for making the funds available to state agencies, political subdivisions, or public agencies. The bill further gives the secretary enforcement authority, including suspension of licenses for failure to file reports or remit the fee until all obligations are satisfied.
Impact
If enacted, HB3453 would add a new fee-and-remittance regime to the state code governing money transmission services, imposing new compliance duties on licensed transmitters and their authorized delegates. It would also create a related state income tax credit notice requirement for customers and authorize the Department of Revenue to enforce reporting and payment obligations, including license suspension. The bill would channel the collected revenue into the general fund and potentially support state or local public agencies through rules adopted by the department.
Sentiment
Based on the bill text and the absence of recorded committee discussion or votes, the available record suggests a neutral-to-supportive procedural posture but no documented public debate in the materials provided. The bill was introduced and referred to the House Finance Committee, indicating it was treated as a revenue-related measure. No vote history is available to show whether there was formal support or opposition.
Contention
The main points of potential contention are the new fee burden on money transmitters and their customers, the administrative requirements for quarterly reporting and remittance, and the enforcement mechanism allowing license suspension for noncompliance. Another likely issue is the interaction between the fee and the promised income tax credit, including whether customers can practically claim the credit and whether the notice requirement is sufficient. Because no committee transcript or vote record is provided, no specific legislators, agencies, or stakeholder groups are identified as having raised these concerns in the available materials.