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TennesseeHB 2502114th General Assembly (2025-2026)HouseWALLET

AN ACT to amend Tennessee Code Annotated, Title 4; Title 38; Title 39; Title 45; Title 47; Title 49 and Title 67, relative to money transmission.

Sponsored By: CameronSpeaker Sexton, Cameron (Republican)

Became Law

Banks and Financial Institutions

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

Where the new transfer tax goes

Starting January 1, 2027, the state sends this tax money out each month. The split is: 20% to the general fund; 51.5% to TennCare hospital buybacks; 18.5% to the Promising Futures child care fund; 5% to workforce housing; and 5% to paid teacher internships. Money in these special accounts stays there until spent and does not return to the general fund.

Financial institutions exempt from transfer tax

Beginning January 1, 2027, corporations that meet Tennessee’s definition of a financial institution do not owe this cross‑border transfer tax. This exemption does not apply to companies licensed under Tennessee’s money transmission law; they still owe the tax.

Tax on overseas transfers from Tennessee

Beginning January 1, 2027, the state taxes the service of sending money from Tennessee to a person outside the United States. This applies when you use a company licensed under Tennessee’s money transmission law. The tax is $10 per transfer, plus 2% of the amount over $500. Local governments cannot add the local option tax to this service. For online or phone requests, providers can use your Tennessee address and their records to decide if it started in Tennessee and went outside the U.S.

Sponsors & Cosponsors

Sponsor

  • CameronSpeaker Sexton, Cameron

    Republican • House

Cosponsors

  • Rush Bricken, Rush

    Republican • House

  • Mark Cochran, Mark

    Republican • House

  • Elaine Davis, Elaine

    Republican • House

  • Timothy Hill, Timothy

    Republican • House

  • Dan Howell, Dan

    Republican • House

  • Bryan Terry, Bryan

    Republican • House

  • Ryan Williams, Ryan

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 281 • No: 76

House vote • 4/22/2026

FLOOR VOTE: MESSAGE CALENDAR CONCUR IN SENATE AMENDMENT # 2 4/22/2026

Yes: 70 • No: 19

Senate vote • 4/16/2026

FLOOR VOTE: as Amended Third Consideration 4/16/2026

Yes: 21 • No: 7

House vote • 4/9/2026

FLOOR VOTE: REGULAR CALENDAR PREVIOUS QUESTION AS AMENDED PASSAGE ON THIRD CONSIDERATION 4/9/2026

Yes: 65 • No: 24

House vote • 4/9/2026

HOUSE CALENDAR & RULES COMMITTEE

Yes: 0 • No: 0

House vote • 4/9/2026

FLOOR VOTE: REGULAR CALENDAR AS AMENDED PASSAGE ON THIRD CONSIDERATION 4/9/2026

Yes: 68 • No: 21

House vote • 3/31/2026

HOUSE FINANCE, WAYS, AND MEANS COMMITTEE

Yes: 22 • No: 0

House vote • 3/25/2026

HOUSE FINANCE, WAYS, AND MEANS SUBCOMMITTEE

Yes: 12 • No: 0

House vote • 3/18/2026

HOUSE COMMERCE COMMITTEE

Yes: 17 • No: 4

House vote • 3/11/2026

HOUSE BANKING AND CONSUMER AFFAIRS SUBCOMMITTEE

Yes: 6 • No: 1

Actions Timeline

  1. Pub. Ch. 1035

    5/27/2026

  2. Effective date(s) 05/21/2026, 01/01/2027

    5/27/2026

  3. Signed by Governor.

    5/21/2026

  4. Transmitted to Governor for his action.

    5/11/2026House

  5. Signed by Senate Speaker

    5/5/2026Senate

  6. Signed by H. Speaker

    4/30/2026House

  7. Enrolled; ready for sig. of H. Speaker.

    4/28/2026House

  8. H. concurred in S. am. no. 2 Ayes 70, Nays 19 PNV 2 HB2502

    4/22/2026House

  9. H. Placed on Message Calendar for 4/21/2026

    4/20/2026House

  10. Senate substituted House Bill for companion Senate Bill.

    4/16/2026Senate

  11. Amendment withdrawn. (Amendment 1 - SA1013)

    4/16/2026Senate

  12. Senate adopted Amendment (Amendment 2 - SA1038)

    4/16/2026Senate

  13. Passed Senate as amended, Ayes 21, Nays 7

    4/16/2026Senate

  14. Received from House, Passed on First Consideration

    4/13/2026Senate

  15. H. adopted am. (Amendment 1 - HA0729)

    4/9/2026House

  16. Passed H., as am., Ayes 68, Nays 21, PNV 3

    4/9/2026House

  17. Sponsor(s) Added.

    4/9/2026House

  18. Engrossed; ready for transmission to Sen.

    4/9/2026House

  19. H. Placed on Regular Calendar for 4/9/2026

    4/2/2026House

  20. Placed on cal. Calendar & Rules Committee for 4/2/2026

    4/1/2026House

  21. Rec. for pass; ref to Calendar & Rules Committee

    3/31/2026House

  22. Rec. for pass by s/c ref. to Finance, Ways, and Means Committee

    3/25/2026House

  23. Placed on cal. Finance, Ways, and Means Committee for 3/31/2026

    3/25/2026House

  24. Rec. for pass. if am., ref. to Finance, Ways, and Means Committee

    3/18/2026House

  25. Assigned to s/c Finance, Ways, and Means Subcommittee

    3/18/2026House

Bill Text

  • HA0729 (Substitute)

    4/9/2026

    PDF

  • Enrolled / Public Chapter

    PDF

  • Fiscal Note

    PDF

  • Introduced

    PDF

  • SA1013

    PDF

  • SA1038

    PDF

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