Bill · H.R. 4274· House(119-HR-4274)
Remittance Expense Minimization and Integrity for Transfers Act
- Introduced
- 7/2/2025
- Last activity
- 7/2/2025 — Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sponsored by
- Sam Liccardo
- Cosponsors
- - 8 - 0
- Introduced
- In Committee
What this bill would do
The REMIT Act of 2025 aims to limit how the Federal Government imposes excise taxes and fees on money transmitting businesses. Under this bill, the government cannot require these taxes or fees unless the Secretary of the Treasury provides specific certifications to Congress. These certifications must ensure that the taxes do not increase the risk of money laundering or financial crimes. Additionally, the Secretary must certify that the taxes do not create an undue burden on the businesses. The bill defines money transmitting businesses broadly to include licensed senders and informal money transfer systems.
Yes· 3 of 10
Would business owners be better off under this?+5
Protects money transmitting businesses from undue tax and fee burdens.
Would immigrants be better off under this?+5
Facilitates more affordable and predictable remittance processes for diaspora populations.
Does this cut taxes for small businesses?+5
The bill prevents new excise taxes or fees that would impose an undue burden on money transmitting businesses.
The opposite
Does this give the federal government more power?-2
The bill restricts the government's ability to impose certain taxes without specific certifications.
Who it would affect, and how
Potential Positive Impacts for People
-
Protection against financial crime risks: By requiring the Secretary of the Treasury to certify that taxes will not increase the potential for money laundering or other financial crime activities, the bill seeks to prevent the shift of funds to unregulated methods (Section 3(a)(1)).
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Prevention of undue burdens on businesses: The bill prohibits taxes or fees that would impose an undue burden on money transmitting businesses (Section 3(a)(2)).
Potential Negative Impacts for People
- No specific negative impacts are detailed within the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+5Good For Immigrants+5Good For Asian Americans+4Good For Hispanic Americans+4Good For Low Income Households+4
- Economy And Finance
- Improves Small Business Support+5Reduces Small Business Taxes+5Improves Consumer Protection+3
- Social Issues And Justice
- Improves Poverty Reduction+4
- Governance And Ideology
- Improves Government Transparency+3Increases Federal Power-2
- 7/14/2025
- 1 Cosponsor added.
- 7/2/2025
- Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 7 Cosponsors added.
- Introduced in House
J. CorreaDemocrat · California
Adriano EspaillatDemocrat · New York
Vicente GonzalezDemocrat · Texas
Jesús GarcíaDemocrat · Illinois
Darren SotoDemocrat · Florida
Suhas SubramanyamDemocrat · Virginia
Ritchie TorresDemocrat · New York
Juan VargasDemocrat · California