This bill proposes several updates to current statutes regarding foreign wire transfers and the establishment of the Arizona Deportations Fund. It introduces a new requirement for licensed money transmitters (licensees) to charge a fee for initiating foreign wire transfers, with specific fee structures based on the transaction amount. For transactions under $500, a flat fee of $25 is charged, while transactions of $500 or more incur a fee of $25 plus an additional 5% of the amount exceeding $500. The fees collected will be paid to the Arizona Department of Revenue and separately accounted for, with net revenues deposited into the newly established Arizona Deportations Fund.

Additionally, the bill outlines the purpose and administration of the Deportations Fund, which will consist of the fees collected from foreign wire transfers. The fund will be used to provide grants to law enforcement agencies for their involvement in apprehending illegal immigrants, with a grant amount set at $2,500 for each deported individual. The bill also allows for a tax credit against individual income tax for the fees paid for foreign wire transmissions, thereby incentivizing compliance with the new fee structure. Overall, these changes aim to enhance funding for law enforcement efforts related to immigration enforcement while providing financial relief to taxpayers who engage in foreign wire transfers.

Statutes affected:
Introduced Version: 41-1092.08
Senate Engrossed Version: 43-222, 43-1080, 42-5064, 42-5014, 35-146, 35-147, 6-1253, 6-1252, 35-190, 38-1118, 43-1079.01, 43-1088, 43-1089.04, 43-1167.01, 43-1175, 43-1072.02, 43-1074.02, 43-1075, 43-1076.01, 43-1077, 43-1078, 43-1083, 43-1083.02, 43-1162, 43-1164.03, 43-1183, 43-1073, 43-1082, 43-1085, 43-1086, 43-1089, 43-1089.01, 43-1089.02, 43-1089.03, 43-1164, 43-1165, 43-1181, 43-1074.01, 43-1168, 43-1170, 43-1178, 43-1073.01, 43-1081.01, 43-1083.03, 43-1084, 43-1164.04, 43-1164.05, 43-1184