HB297 Alabama 2025 Session

Updated Jan 14, 2026

House Bill

In Second Chamber

Current Status

2025 Regular Session

Session

Sponsor

Summary

Primary Sponsor: Jennifer Fidler Representative
Republican
Session: 2025 Regular Session
Title: Cash transactions; report certain cash transactions to Alabama Securities Commission required
Description: Under existing law, money transmission businesses, which include businesses that conduct electronic wire transfers, must be licensed by the Alabama Securities Commission.
This bill would require money transmission businesses to collect on outgoing international electronic wire transfers a fee equal to four percent of the total amount of the wire transfer and would provide that the fees collected be transmitted to the Alabama Securities Commission.
This bill would require the commission to deposit the funds into the Sheriffs' Immigration Enforcement and Detainer Fund and the Immigration Assimilation Resources Fund.
This bill would create the Sheriffs' Immigration Enforcement and Detainer Fund in the State Treasury to fund county sheriffs for costs and expenses related to enforcing immigration laws and housing violators of immigration laws.
This bill would create the Immigration Assimilation Resources Fund in the State Treasury to fund English language learner instruction and public health.
This bill would allow taxpayers to be granted a HB297 INTRODUCED tax credit against income taxes in the amount of international electronic wire transfer fees paid by the customer, with a maximum credit of $5,000.
This bill would require the Department of Revenue to establish a notice to customers who initiate international electronic wire transfers of the ability to be granted a tax credit for outgoing international wire transfer fees paid by a taxpayer.
This bill would authorize the Alabama Securities Commission and the Alabama Department of Revenue to administer this act.
This bill would establish a legislative study commission to ensure that wire transfer fee proceeds are meeting the needs of affected communities and to recommend legislative changes.
This bill would also be repealed after four years.
Subjects: Businesses & Financial Institutions