REMIT Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The REMIT Act introduces a 15% tax on remittance transfers – money sent by individuals to others – starting December 31, 2025. The bill requires remittance transfer providers to collect and remit this tax. It also establishes a refundable income tax credit for U.S. citizens and nationals who pay this tax, but requires specific documentation and social security number verification. Finally, the act mandates reporting requirements for remittance transfer providers to track these transactions and ensure compliance.
Key provisions
- Imposes a 15% excise tax on remittance transfers.
- Requires remittance transfer providers to collect and remit the tax quarterly.
- Establishes a refundable income tax credit for U.S. citizens and nationals who pay the tax.
- Creates a system for verifying senders as U.S. citizens or nationals.
- Requires remittance transfer providers to report data on remittance transfers.
- Includes provisions regarding penalties for non-compliance.
- Defines key terms related to remittance transfers.
- Addresses the application of anti-conduit rules to remittance transfers.
Who is affected
- Individuals sending remittances
- Remittance transfer providers
- The U.S. Internal Revenue Service (IRS)
- U.S. Citizens and Nationals
- Foreign recipients of remittances
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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