REMITTANCE Act

This bill would raise the federal excise tax on remittance transfers (money sent abroad through transfer providers) from 1 percent to 25 percent. It would remove the current limits on that tax found in subsections (c) through (e) of the tax law section and define key terms using the Electronic Fund Transfer Act. Money collected from the tax would go to the Treasury's general fund only for reducing the deficit. The bill would also create a refundable tax credit that lets U.S. citizens recover remittance tax they paid for business or travel purposes, as determined by the Treasury Secretary.

Full text and official record on Congress.gov

Sponsors

• Chip Roy Republican sponsor
• 0 cosponsors