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Starting January 1, 2027, this bill would create a new 2% tax on international money transmissions — money sent abroad through licensed transmitters such as wire transfer services — collected from the customer at the time of the transaction and itemized separately on their receipt. The tax would be waived if the customer presents valid identification, including a U.S. passport, state driver license, military ID, tribal ID, certain visas, or a diplomat ID, though Utah driving privilege cards would not qualify. Licensees would be required to remit collected taxes to the State Tax Commission quarterly and file an annual report detailing transaction volumes and exemptions, while also keeping records of identification presented for exempt transactions; separately, the Department of Financial Institutions would be required to send the Tax Commission an annual list of licensed money transmitters starting the same year.