Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.

This bill would raise the federal excise tax on remittance transfers (money sent from the U.S. to other countries) from 1 percent to 15 percent. The tax would not apply when the sender is a verified U.S. citizen or national using a provider that has a written agreement with the Treasury to verify senders' status. U.S. citizens and nationals who do pay the tax could claim a refundable income tax credit equal to the tax paid, if they list a Social Security number and show proof of payment. Remittance transfer providers would have to file returns with the IRS reporting transfer and tax information, and would face penalties for failing to do so.

Full text and official record on Congress.gov

Sponsors

• John J. McGuire III Republican sponsor
• 1 cosponsors