One proposed bill to be considered be the Georgia General Assembly seemingly has little impact on most Georgians. State Rep. Jeff Jones, R-Brunswick, has announced introduction of legislation designed to tax wire transfers to locations outside of the state.
His two main points: The legislation is not aimed at the Hispanic immigrant community. And though he slipped in his own remarks, he prefers the term “fee” over “tax.”
The bill would create a $10 fee on cash-o-grams of $499 and under, and a 2 percent tax on those $500 and over. Those who pay the tax could seek reimbursement each year when they file their state income tax.
Businesses and corporations would be exempted. However, the “devil” truly is in detail. Many high-net worth individuals use wire transfers to quickly move funds into and out of investments. Whether those transfers will qualify as exempt under the “business” exception to the proposed legislation remains to be seen. Transactions between individuals, if one of the parties is located out of state, are subject to the fee. We will update readers on changes or modifications to the legislation.