HB192 Summary

• Money transmission businesses must collect a 2% fee on all outgoing international electronic wire transfers beginning January 1, 2026.

• Collected fees are remitted quarterly to the Alabama Securities Commission, which transfers them to the Education Trust Fund for exclusive use in hiring English Language Learner instructors.

• Taxpayers may claim an income tax credit against Alabama income taxes equal to the international wire transfer fees they paid, capped at $5,000, by submitting receipts to the Department of Revenue.

• Money transmission businesses must provide customers receipts clearly showing fees charged and post a Department of Revenue notice informing customers of their tax credit eligibility.

• The Alabama Securities Commission and Department of Revenue are authorized to adopt rules to administer the act, which becomes effective July 1, 2025.