Lima Reporter

State Representative Angie King has reintroduced a bill aimed at curbing illegal activities by implementing a fee on wire transfers. The Ohio Withholding Illegal Revenue Entering Drug (WIRED) Act proposes a 3% fee on both domestic and international remittances.

"We need every tool in our arsenal to combat the cartels and illicit activity coming across our borders," King stated. "This legislation has the potential to influence the financial activities of the trafficking and cartel networks by making it less desirable to locate in Ohio, ultimately ensuring the safety of our communities and state as a whole."

The revenue generated from this fee will be allocated to the drug money laundering and wire transmitter fund. This fund is intended to support law enforcement efforts against drug and human trafficking within Ohio.

Additionally, the proposed legislation includes a provision for a tax credit for residents who send money out of Ohio.

House Bill 149 has been referred to the House Financial Institutions Committee, where it awaits its initial hearing.