What does Preamble of REMITTANCE Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The stated purpose is to modify the excise tax on remittance transfers.

What does SHORT TITLE. of REMITTANCE Act do?

This bill is formally titled the Reducing External Monetary International Transfers To Advance National Capital Efficiency Act.

What does MODIFICATION OF EXCISE TAX ON REMITTANCE TRANSFERS. of REMITTANCE Act do?

This section modifies the excise tax on remittance transfers. It increases the excise tax rate from 1 percent to 25 percent. Subsections (c) through (e) of Section 4475 of the Internal Revenue Code are removed, and subsection (f) is redesignated as subsection (d). New definitions for 'remittance transfer', 'remittance transfer provider', and 'sender' are incorporated from Section 919(g) of the Electronic Fund Transfer Act. A technical amendment is made to Section 4475(b)(2) of the Internal Revenue Code. The amendments take effect as if included in section 70604 of Public Law 119-21. Amounts received from the increased excise tax are to be deposited into the Treasury's general fund for deficit reduction.

What does ESTABLISHMENT OF REFUNDABLE TAX CREDIT FOR EXCISE TAX PAID ON of REMITTANCE Act do?

This section amends the Internal Revenue Code of 1986 to establish a refundable tax credit. The credit is available to U.S. citizens for excise taxes paid under section 4475(b)(1) for business or travel purposes. The amount of the credit is equal to the aggregate amount of tax paid during the taxable year. The Secretary of the Treasury is authorized to issue regulations to implement this section. Conforming amendments are made to sections 6211(b)(4)(A) and 1324(b)(2) of the U.S. Code. The amendments apply to taxable years ending after the date of enactment of this Act.

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REMITTANCE Act

Last updated: 5/21/2026 · Introduced: 5/21/2026

Author: Chip Roy (R-TX)

TL;DR (AI)

This bill increases the excise tax on remittance transfers from 1% to 25%, with the additional revenue deposited into the Treasury's general fund for deficit reduction.
It establishes a refundable tax credit for U.S. citizens who paid excise taxes on remittance transfers for business or travel purposes.
The bill incorporates definitions from the Electronic Fund Transfer Act into the Internal Revenue Code related to remittance transfers and providers.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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