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

HB 192 requires money transmission businesses (like banks and payment processors) to collect a 2% fee on every outgoing international electronic wire transfer. The collected fees will be deposited into Alabama's Education Trust Fund to hire English Language Learner (ELL) instructors. Taxpayers who pay these fees can claim an income tax credit equal to the amount paid (up to $5,000 annually) when filing their Alabama income tax return. Businesses must provide receipts showing the fee and post notices informing customers about the tax credit option. The fee collection begins January 1, 2026, and the bill takes effect July 1, 2025.