View Amendment Current Amendment: 20r0015.lar.docx to Bill 20     Senator RANKIN proposed the following amendment (20R0015.LAR):
    Amend the bill, as and if amended, by adding an appropriately numbered new SECTION to read:
/     SECTION     ___.     A.     Article 1, Chapter 6, Title 23 of the 1976 Code is amended by adding:

    "Section 23-6-65.     (A)     There is levied the following fees on money transmission or wire transfers of money by a money transmitter required by federal regulation to register with the United States Department of Treasury Financial Crimes Enforcement Network, from a location within this State to a location outside of the United States:
        (1)     a five dollar fee for wire transfers of less than five hundred dollars; and
        (2)     a fee equal to one percent of the amount transferred for wire transfers of more than five hundred dollars.
    (B)     The money transmitter shall collect the fee from the person making the money transmission or wire transfer of money. The fee must be remitted to the Department of Revenue in a manner prescribed by the department.
    (C)     This section does not apply to automated clearinghouse transfers.
    (D)     Any South Carolina income tax filer is allowed a refundable income tax credit for the total amount of the fee paid by the filer during a tax year.
    (E)     All monies collected pursuant to this section remaining after the credit pursuant to subsection (C) is provided must be transferred annually to the Department of Public Safety to support the activities of the Illegal Immigration Enforcement Unit created pursuant to Section 23-6-60."

B.     This act takes effect January 1, 2012.                     /        
Renumber sections to conform.    
Amend title to conform.