Tennessee Provides Sales Tax for Certain Money Transfers

The Tennessee Governor signed a law that includes: 1) providing that money transfers originating in the state and transferred to a location outside of the United States or its territories by an entity licensed under the Money Transmission Modernization Act is a state sales taxable service; 2) providing that the tax to be levied is $10.00 per transaction, and if the transmission amount exceeds $500, then 2.0 percent of the amount of money transmitted in excess of $500. The law takes effect on May 21 for the purpose of promulgating rules and forms, and Jan. 1, 2027, for all other ...