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Public witnesses urge committee to reject bill adding 1.5% fee to some international wire transfers
Summary
During a public hearing on HB585, the bill’s sponsor described a 1.5% fee on outgoing international electronic wire transfers and new reporting and recordkeeping requirements; witnesses from remittance providers, immigrant-rights groups, and faith communities said the measure would unduly burden military families, mission partners and small businesses and urged the committee not to advance it.
Representative Fiddler introduced House Bill 585 and described a package of changes that would add a 1.5% fee to outgoing international electronic wire transfers originating in Alabama, create reporting and recordkeeping duties for licensed money-transmission businesses, and direct collected fees through the Alabama Securities Commission to the Office of Prosecution Services for distribution to county sheriffs.
The sponsor said the bill, effective Jan. 1, 2027, would also create an Alabama income tax credit equal to wire transfer fees paid (capped at $5,000, nonrefundable and not carry-forwardable), require transmitters to display a Department of Revenue notice about the credit, authorize the Alabama Securities Commission to assess civil penalties for violations, and establish criminal penalties for knowingly attempting to evade reporting requirements. Representative Fiddler said the measure includes a…
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