Certain remittance transfers tax creation

This bill proposes a 1% tax on remittance transfers sent from Minnesota, specifically targeting transfers made using cash, money orders, cashier's checks, or similar physical payment instruments. The tax applies to individuals sending money out of state and is collected by remittance transfer providers who must report and remit the tax to the state. Transfers funded through bank accounts or debit and credit cards are exempt from this tax. The law would take effect for transfers made after June 30, 2026, and would be administered using existing tax collection and enforcement procedures.