Remittance transfer tax imposed.

This bill introduces a one percent tax on remittance transfers sent from Minnesota, affecting individuals who send money abroad using cash, money orders, or similar physical payment instruments. The tax applies only when the sender provides cash or comparable physical instruments to a remittance transfer provider, while transfers funded by bank accounts or debit and credit cards remain exempt. Remittance transfer providers will be responsible for collecting the tax from senders and remitting it to the state, following existing tax administration and enforcement procedures. The law takes effect for transfers made after June 30, 2026.