HB 141 — International Money Transmission Amendments

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Daniel McCay 3 LONG TITLE General Description:

H ▸ {enacts a nonrefundable income tax credit for individuals who pay the tax;} B ▸ requires the commissioner of the Department of Financial Institutions to annually providepr1vide a list of each licensed money transmitter to the State Tax Commission;

and s4 HB0141 compared with HB0141S01 ▸ makes technical changes.

t Money Appropriated in this Bill:

S None u b Other Special Clauses:

H This bill provides a special effective date.

B Utah Code Sections Affected:

17-25-207 7-25-207,, Utah Code Annotated 1953 59-35-101,{59-10-1049 , Utah Code Annotated 1953} 59-35-101 , Utah Code Annotated 1953 59-35-102,59-35-102 , Utah Code Annotated 1953 59-35-103,59-35-103 , Utah Code Annotated 1953 1st59-35-104 Sub., Utah Code Annotated 1953 AMENDS:

(Buff){59-10-1002.2 H.B., as last amended by Laws of Utah 2025, Chapter 407} Be it enacted by the Legislature of the state of Utah:

141 02-12 10:39 59-35-104, Utah Code Annotated 1953 Be it enacted by the Legislature of the state of Utah:

Section 7-25-2071 is enacted to read:

7-25-2077-25-207. .

{Section 2.

Section 59-10-1002.2 is amended to read:

} 59-10-1002.2.

Apportionment of tax credits.

(1) A nonresident individual or a part-year resident individual that claims a tax credit in accordance with Section 59-10-1017, 59-10-1018, 59-10-1019, 59-10-1022, 59-10-1023, 59-10-1024, 59-10-1028, 59-10-1042, 59-10-1043, 59-10-1044, 59-10-1046, 59-10-1047, [or ]59-10-1048, or 59-10-1049 may only claim an apportioned amount of the tax credit equal to:

(a) for a nonresident individual, the product of:

(i) the state income tax percentage for the nonresident individual;

and (ii) the amount of the tax credit that the nonresident individual would have been allowed to claim but for the apportionment requirements of this section;

or - 2 - HB0141 compared with HB0141S01 (b) for a part-year resident individual, the product of:

(i) the state income tax percentage for the part-year resident individual;

and (ii) the amount of the tax credit that the part-year resident individual would have been allowed to claim but for the apportionment requirements of this section.

(2) A nonresident estate or trust that claims a tax credit in accordance with Section 59-10-1017, 59-10-1020, 59-10-1022, 59-10-1024, 59-10-1028, or 59-10-1048 may only claim an apportioned amount of the tax credit equal to the product of:

(a) the state income tax percentage for the nonresident estate or trust;

and (b) the amount of the tax credit that the nonresident estate or trust would have been allowed to claim but for the apportionment requirements of this section.

Section 3.

Section 3 is enacted to read:

59-10-1049.

Nonrefundable tax credit for payment of international money transmission tax.

(1) As used in this section, "international money transmission tax" means the tax imposed by Chapter 35, International Money Transmission Tax.

(2) Subject to Section 59-10-1002.2, a claimant who pays an international money transmission tax may claim on the claimant's individual income tax return a nonrefundable tax credit in an amount equal to the aggregate amount of international money transmission taxes that the claimant paid during the taxable year.