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AL HB585
Bill
Status
3/5/2026
Primary Sponsor
Jennifer Fidler
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AI Summary
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Imposes a 1.5% fee on outgoing international electronic wire transfers beginning January 1, 2027, with proceeds distributed to county sheriffs through the Office of Prosecution Services to offset immigration law enforcement costs
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Creates the Wire Transfer Fee Fund within the Alabama Securities Commission and requires quarterly remittance of collected fees to the Sheriffs' Advancement in Education, Technology, and Training Fund
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Requires money transmission businesses to report suspicious cash transactions of $2,000+ within 30 days and cash transactions of $10,000+ within 15 days to the commission, with records maintained for five years
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Establishes criminal penalties (Class C felony for first offense, Class B for subsequent) for knowingly evading reporting requirements, plus civil penalties up to $5,000 per day per violation
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Provides an income tax credit equal to wire transfer fees paid (capped at $5,000) for taxpayers with valid Social Security or taxpayer identification numbers, with the fee and credit provisions set to expire December 31, 2030
Legislative Description
Money transmissions, transaction fee imposed for certain outgoing international wire transfers, income tax credit established to offset transaction fees imposed on taxpayer, reporting of certain suspicious cash transactions required, Securities Commission to enforce
Businesses & Financial Institutions
Last Action
Pending House Financial Services
3/5/2026