Bill
Bill > HR5595
summary
Introduced
09/26/2025
09/26/2025
In Committee
09/26/2025
09/26/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to modify the tax on remittance transfers.
AI Summary
This bill, known as the "Requiring Excise for Migrant Income Transfers Act" or "REMIT Act", proposes significant changes to the taxation of remittance transfers (money sent internationally by individuals, typically to family or friends in another country). The bill increases the tax on remittance transfers from 1% to 15%, but creates an exception for U.S. citizens and nationals who send money through "qualified remittance transfer providers" that agree to verify the sender's citizenship status. To offset the increased tax burden, the bill introduces a new refundable income tax credit that allows U.S. citizens and nationals to reclaim the full amount of excise tax paid on remittance transfers during the tax year. The bill requires detailed reporting by remittance transfer providers, including the sender's name, address, and social security number, and includes provisions for penalties if reporting requirements are not met. Importantly, to claim the tax credit, taxpayers must provide their social security number and demonstrate that they paid the tax and provided necessary certifications to the transfer provider. The tax credit provisions will take effect for taxable years ending after December 31, 2025, giving businesses and individuals time to adapt to the new requirements.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 09/26/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/5595/all-info |
| BillText | https://www.congress.gov/119/bills/hr5595/BILLS-119hr5595ih.pdf |
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