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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8995 Introduced in House (IH)]
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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.
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