Bill > SB77

This bill establishes a new fee and tax credit system for international electronic wire transfers in Alabama, effective January 1, 2026. Money transmission businesses will be required to collect a fee of $7.50 for wire transfers up to $500, plus 1.5% for amounts over $500, and provide customers with a receipt detailing these fees. These fees will be remitted quarterly to the Alabama Securities Commission and deposited into the Sheriffs' Immigration Enforcement and Detainer Fund. Simultaneously, the bill allows taxpayers to claim an income tax credit for these wire transfer fees, up to $5,000, when filing their Alabama state income tax return. To qualify for the credit, taxpayers must submit receipts from their wire transfers and have a valid Social Security number or taxpayer identification number. The bill defines key terms such as "electronic wire transfer" and establishes reporting requirements for money transmission businesses. The collected funds will be allocated to county sheriffs proportionally based on population to support immigration law enforcement and related expenses. The Alabama Securities Commission and Department of Revenue will be responsible for administering and implementing the provisions of this act, which will become effective on July 1, 2025.

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