Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The REMIT Act proposes a 15% excise tax on remittance transfers, which are typically money sent by individuals to family and friends abroad. However, the bill includes an exception for remittance transfers sent by U.S. citizens and nationals through certain ‘qualified remittance transfer providers,’ and establishes a credit for this tax for those same individuals. It also requires remittance transfer providers to report detailed information about these transfers to the IRS, including sender information and tax paid.
Key provisions
- Increases the excise tax on remittance transfers from 1% to 15%.
- Creates an exception for remittance transfers sent by U.S. citizens and nationals through qualified remittance transfer providers.
- Establishes a refundable income tax credit for U.S. citizens and nationals who paid the 15% excise tax.
- Requires remittance transfer providers to file detailed reports with the IRS regarding remittance transfers.
- Mandates the inclusion of social security numbers on tax returns for claiming the credit.
- Introduces substantiation requirements for claiming the tax credit.
- Adds reporting requirements for remittance transfer providers, including details on the number and value of transfers.
- Increases penalties for non-compliance with reporting requirements.
Who is affected
- Individuals sending remittances internationally
- Remittance transfer providers
Bill text
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