MSBA Opposes Tennessee HB 2502/SB 2166

The Money Services Business Association (MSBA) today expressed strong opposition to Tennessee House Bill 2502 / Senate Bill 2166, recently signed into law by the Governor. The legislation imposes a new sales and use tax on cross-border payments processed by licensed money transmitters in Tennessee—a $10 minimum tax plus 2% of the amount of each cross-border payment in excess of $500—targeting lawful, everyday financial transfers relied upon by working families, small businesses, and communities across the state.