SB77 Alabama 2025 Session

Summary

Primary Sponsor

April Weaver Senator

Republican

Session

2025 Regular Session

Title

International wire transfers; fee on wire transfers imposed; income tax credit for wire transfer fees paid, authorized; Securities Commission and Revenue Department to administer

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 of $7.50, plus 1.5 percent of the amount in excess of $500 and would provide that the fees collected be periodically deposited into the Sheriffs' Immigration Enforcement and Detainer 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 allow taxpayers to be granted a tax credit against income taxes in the amount of all international electronic wire transfer fees paid by the customer.

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 SB77 INTRODUCED wire transfer fees paid by a taxpayer.

This bill would also authorize the Alabama Securities Commission and the Alabama Department of Revenue to administer this act.

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Subjects

Businesses & Financial Institutions