REMITTANCE Act

Chip Roy

Republican · TX · Representative

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Referred to the House Committee on Ways and Means.

2026-05-21

Source: Congress.gov

The proposal would change how the federal government taxes money transfers sent from the United States to other countries, which affects millions of immigrants and their families who regularly send money home. The bill would modify the current excise tax rules that apply to these remittance transfers, potentially making it cheaper or more expensive for people to send money abroad depending on how the changes are structured. This could impact both individual workers sending money to relatives and the companies that process these international money transfers.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8995 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8995 To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 21, 2026 Mr. Roy introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Reducing External Monetary International Transfers To Advance National Capital Efficiency Act'' or the ``REMITTANCE Act''. SEC. 2. MODIFICATION OF EXCISE TAX ON REMITTANCE TRANSFERS. (a) Excise Tax Increased.--Section 4475(a) of the Internal Revenue Code of 1986 is amended by striking ``1 percent'' and inserting ``25 percent''. (b) Removal of Limitations on Excise Tax.--Section 4475 of such Code is amended by striking subsections (c) through (e), by redesignating subsection (f) as subsection (d), and by inserting after subsection (b) the following new subsection: ``(c) Definitions.--For purposes of this section, the terms `remittance transfer', `remittance transfer provider', and `sender' shall each have the respective meanings given such terms by section 919(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o-1(g)).''. (c) Technical Amendment.--Section 4475(b)(2) of such Code is amended by striking the comma at the end and inserting a period. (d) Effective Date.--The amendments made by this section shall take effect as if included in section 70604 of Public Law 119-21. (e) Excise Tax Used for Deficit Reduction.--Amounts received under section 4475(a) of the Internal Revenue Code of 1986 (as amended by this section) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction. SEC. 3. ESTABLISHMENT OF REFUNDABLE TAX CREDIT FOR EXCISE TAX PAID ON CERTAIN REMITTANCE TRANSFERS BY CITIZENS OF THE UNITED STATES. (a) In General.--Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: ``SEC. 36C. EXCISE TAX PAID ON CERTAIN REMITTANCE TRANSFERS BY CITIZENS OF THE UNITED STATES. ``(a) In General.--In the case of any individual who is a citizen of the United States, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the aggregate amount of tax paid by such individual under section 4475(b)(1) for business or travel purposes (as determined by the Secretary) during such taxable year. ``(b) Regulations.--The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.''. (b) Conforming Amendments.-- (1) Section 6211(b)(4)(A) of such Code is amended by inserting ``36C,'' after ``36B,''. (2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting ``36C,'' after ``36B,''. (3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: ``Sec. 36C. Excise tax paid on certain remittance transfers by citizens of the United States.''. (c) Effective Date.--The amendments made by this section shall apply with respect to taxable years ending after the date of the enactment of this Act. <all>

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