SB77 Summary

• Money transmission businesses must collect a fee of $7.50 plus 1.5% of amounts exceeding $500 on outgoing international electronic wire transfers, effective January 1, 2026.

• Collected fees are deposited quarterly into the newly created Sheriffs' Immigration Enforcement and Detainer Fund in the State Treasury to fund county sheriffs' immigration enforcement and detainer costs.

• Taxpayers may claim a non-refundable income tax credit against Alabama income taxes equal to wire transfer fees paid, capped at $5,000 per tax year, by submitting receipts from money transmission businesses.

• The Comptroller allocates fund monies quarterly to county sheriffs based on their percentage of total state population as reported in the most recent federal census.

• The Alabama Securities Commission and Department of Revenue are authorized to administer the act through rulemaking; the act becomes effective July 1, 2025.