Senate Bill 2255

AN ACT TO REQUIRE ENTITIES THAT TRANSMIT WIRE TRANSFERS TO COLLECT A FEE ON WIRE TRANSFERS TRANSMITTED TO LOCATIONS OUTSIDE THE UNITED STATES; TO REQUIRE THE FEES SO COLLECTED TO BE TRANSMITTED TO THE DEPARTMENT OF REVENUE NOT LATER THAT THE FIFTEENTH DAY OF THE MONTH FOLLOWING THE CLOSE OF EACH CALENDAR QUARTER; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE BORDER FENCE FUND AND TO REQUIRE REVENUE COLLECTED AS A RESULT TO THE WIRE TRANSFER FEE TO BE DEPOSITED TO THE CREDIT OF THE FUND; TO PROVIDE THAT MONEY IN THE FUND SHALL BE USED FOR THE PURPOSE OF ASSISTING IN THE CONSTRUCTION OF A FENCE ALONG THE BORDER BETWEEN THE UNITED STATES AND MEXICO; TO PROVIDE THAT A TAXPAYER SHALL BE ALLOWED AN INCOME TAX CREDIT IN AN AMOUNT EQUAL TO THE WIRE TRANSFER FEES PAID BY THE TAXPAYER; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Any entity that transmits wire transfers of money shall collect a fee of Five Dollars ($5.00) for each wire transfer of money transaction that is transmitted to a location outside the United States plus one percent (1%) of the amount of the transaction that exceeds Five Hundred Dollars ($500.00).

(2) The fee prescribed by this section shall be remitted quarterly to the Department of Revenue on such forms as the department may prescribe. All forms and remittances shall be filed with the Department of Revenue not later than the fifteenth day of the month following the close of each calendar quarter.

(3) All revenue collected from the imposition of the fee shall be deposited to the credit of the Border Fence Fund created in Section 2 of this act.

(4) All administrative provisions of the Mississippi Sales Tax Law, including those which fix damages, penalties and interest for nonpayment of taxes and for noncompliance with the provisions of such chapter, and all other duties and requirements imposed upon taxpayers, shall apply to all persons liable for fees under the provisions of this section, and the Commissioner of Revenue shall exercise all the power and authority and perform all the duties with respect to taxpayers under this chapter as are provided in the Mississippi Sales Tax Law except where there is a conflict, then the provisions of this section shall control.

SECTION 2. There is created in the State Treasury a special fund to be known as the Border Fence Fund into which shall be deposited the revenue specified in Section 1 of this act and such other money as the Legislature may provide by appropriation. Money in the fund shall be used for the purpose of assisting in the construction of a fence along the border between the United States and Mexico. Money in the fund shall be expended upon appropriation by the Legislature. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the General Fund and investment earnings on amounts in the fund shall be deposited to the credit of the fund.

SECTION 3. (1) A taxpayer shall be allowed a credit against the income taxes imposed by this chapter an amount equal to the fees paid by the taxpayer pursuant to Section 1 of this act.

(2) The credit allowed by this section shall not exceed the taxpayer's income tax liability and any unused tax credit shall not be allowed to be carried forward to apply to the taxpayer's succeeding year's tax liability.

SECTION 4. Section 2 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 5. This act shall take effect and be in force from and after July 1, 2011.