HB 2502: Banks and Financial Institutions - As enacted, clarifies that the service of transmitting money from a location originating in this state to a location outside of the United States or its territories is a taxable service and that such a tax is generally levied on the amount of money transmitted; requires revenues generated from such a tax to be allocated to certain funds and purposes. - Amends TCA Title 4; Title 38; Title 39; Title 45; Title 47; Title 49 and Title 67.

Plain-language summary

HB 2502 is a bill introduced in the Tennessee House on February 3, 2026. According to its official title, it concerns: Banks and Financial Institutions - As enacted, clarifies that the service of transmitting money from a location originating in this state to a location outside of the United States or its territories is a taxable service and that such a tax is generally levied on the amount of money transmitted; requires revenues generated from such a tax to be allocated to certain funds and purposes. - Amends TCA Title 4; Title 38; Title 39; Title 45; Title 47; Title 49 and Title 67. Primary sponsor: Cameron Sexton (Republican). Most recent recorded action (May 27, 2026): Pub. Ch. 1035.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written