A bill for an act relating to fees for wire transmissions, and related income tax credits.

HF 601 requires money transfer businesses (licensees) to collect a $5 fee for each wire transfer of $500 or less, plus 2% of any amount over $500. The collected fees must be sent quarterly to Iowa's Department of Revenue, which then forwards all funds to the Office to Combat Human Trafficking. Customers who file individual income tax returns with a valid Social Security or tax ID number can claim a tax credit equal to the fees they paid during the year. Money transfer businesses must post notices informing customers about this tax credit opportunity. The bill directly affects money transfer service providers and their customers using wire transfers within Iowa.