Proposed
Bill · 119th Congress · HR 4586
AIDA
Refreshed 6 h ago
Introduced 2025-07-22Summary
AI-generated summary, report an errorThis bill would create several federal programs and tax changes related to money sent and invested by African and Caribbean diaspora members in their countries of origin. The U.S. International Development Finance Corporation would match up to $5,000 per taxpayer for qualifying diaspora investments and open a special window to support diaspora-led funds and projects. Individuals could deduct up to $3,000 a year in remittances sent to African Union or Caribbean Community countries for purposes such as housing, education, or health care, and could exclude up to $12,000 a year in income from certified diaspora investments. The bill would repeal the federal excise tax on remittance transfers made after December 31, 2025, create a Treasury fund to support remittance providers owned by diaspora members, and require annual reports to Congress.
Sponsors
- 5 cosponsors
Action history
| Date | Chamber | Action | Status effect |
|---|---|---|---|
| 2026-09-02 | House | ASSUMING FIRST SPONSORSHIP - Mr. Jackson (IL) asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4586, a bill originally introduced by Representative Cherfilus-McCormick for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection. | |
| 2025-07-22 | House | Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | refer |
| 2025-07-22 | House | Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | refer |
| 2025-07-22 | House | Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. | refer |
| 2025-07-22 | Introduced in House | introduce | |
| 2025-07-22 | Introduced in House | introduce |