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

SB 77 would require money transmission businesses to collect a fee on outgoing international electronic wire transfers, specifically $7.50 plus 1.5% of amounts over $500. These collected fees would be deposited into a newly created Sheriffs' Immigration Enforcement and Detainer Fund, which would help county sheriffs cover costs related to enforcing immigration laws and housing violators. The bill also authorizes an income tax credit for taxpayers, allowing them to claim the full amount of these international wire transfer fees paid, up to $5,000. The Alabama Securities Commission and the Alabama Department of Revenue would administer these provisions, with the Department of Revenue responsible for notifying customers about the tax credit.