MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Business and Financial Institutions; Accountability, Efficiency, Transparency
By: Senator(s) Wiggins
AN ACT TO REQUIRE ENTITIES THAT TRANSMIT WIRE TRANSFERS TO COLLECT A FEE ON WIRE TRANSFERS TO BE TRANSMITTED TO THE MISSISSIPPI BUREAU OF NARCOTICS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Any entity that transmits wire transfers shall collect a fee of Five Dollars ($5.00) for each transaction that does not exceed Five Hundred Dollars ($500.00). For those transactions in excess of Five Hundred Dollars ($500.00) in addition to the fee of Five Dollars ($5.00), an amount equal to one percent (1%) of the amount in excess of Five Hundred Dollars ($500.00) shall be collected.
(2) The fee prescribed by this section shall be remitted quarterly to the Department of Revenue on such forms as the Department of Revenue, with the assistance of the Mississippi Bureau of Narcotics, may prescribe for such purpose. All remittances and required forms shall be filed with the Department of Revenue not later than the fifteenth day of the month following the close of each quarter.
(3) The Department of Revenue shall be afforded all applicable provisions currently under law to enforce the provisions of this section, including any applicable provisions of the Mississippi tax laws which provide damages, penalties and interest for nonpayment of taxes and for noncompliance with the provisions of such laws.
(4) The Department of Revenue shall apportion all revenues derived from the fee prescribed by this section to the Drug Court fund established in Section 9-23-51, for use according to law.
(5) The Attorney General shall assist the Department of Revenue in conducting audits and in prosecution and in seeking legal remedies to ensure compliance with this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2013.