AN ACT to impose an international Wire transfer Fee.

The General Assembly of North Carolina enacts:

SECTION 1.  Chapter 105 of the General Statutes is amended by adding a new Article to read:

Article 5J.

Wire Transfer Fee.

§ 105‑187.91.  Fee imposed.

A fee is imposed on all international transfers of money by wire originating in this State. The fee is four percent (4%) of the amount of the international wire transfer. This fee is in addition to all other taxes.

§ 105‑187.92.  Administration of fee.

(a)        In General. – The fee imposed by this Article shall be administered in the same manner as the sales and use taxes imposed under Article 5 of this Chapter. For the purposes of administering this Article, a person in the business of transferring money by wire is a retailer as that term is defined in G.S. 105‑164.3.

(b)        Collection. – A retailer shall collect the fee imposed under this Article from all persons transferring money internationally by wire.

(c)        Receipt. – A retailer who collects a fee under this Article shall provide a receipt to the taxpayer which states the amount of the wire transfer and the amount of the fee collected.

§ 105‑187.93.  Penalties.

The penalties authorized under Article 9 of this Chapter apply to this Article. In addition, it is a Class 1 misdemeanor for any person to transfer money nationally by wire to another person for subsequent international wire transfer to avoid the fee imposed under this Article.

SECTION 2.  This act becomes effective July 1, 2023, and applies to transfers of money by wire made on or after that date.