HB0768 - Tennessee - Banks And Financial Institutions

Companion Bill SB0690. Banks and Financial Institutions - Imposes 25 percent tax on money orders and all other such financial instruments purchased by non-US citizens. - Amends TCA Title 67, Chapter 4. Fiscal Summary for HB0768 / *SB0690Increase State Revenues - Exceeds $500,000 Increase State Expenditures - $239,000 Recurring $105,000 One-Time Bill Summary for HB0768 / *SB0690 This bill creates a privilege tax of 25 percent of the face value of payment instruments, such as checks and money orders, purchased by a person who is not a citizen of the United States. This bill provides that a person is presumed not to be a citizen if the person does not present one of a list of specified forms of identification at the time of purchase, such as a driver license or passport. If a person fails to file any form, statement, [...]

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