Bill · H.R. 4586· House(119-HR-4586)
AIDA
- Introduced
- 7/22/2025
- Last activity
- 9/2/2026 — ASSUMING FIRST SPONSORSHIP - Mr. Jackson (IL) asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4586, a bill originally introduced by Representative Cherfilus-McCormick for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
- Sponsored by
- Sheila Cherfilus-McCormick
- Cosponsors
- - 5 - 0
- Introduced
What this bill would do
The African Diaspora Investment and Development Act (AIDA) aims to build a comprehensive strategy to support the African and Caribbean diaspora's role in global development. This bill focuses on reducing the costs of sending remittances and creating incentives for formal investments in countries of origin. It includes provisions for matching funds through the U.S. International Development Finance Corporation and establishing a special window for diaspora-led projects. Additionally, the act seeks to remove regulatory barriers for fintech-driven remittance providers and establishes a Remittance Innovation Fund. The bill also introduces new tax deductions and exclusions to encourage financial transfers and investments. Finally, it mandates annual reports to track the progress and effectiveness of these economic strategies.
Yes· 3 of 19
Would business owners be better off under this?+5
The bill supports diaspora-led social enterprises and small business investment through various mechanisms.
Would Black Americans be better off under this?+5
The bill specifically creates economic opportunities and investment incentives for the African diaspora.
Does this make it easier to run a small business?+5
The act facilitates investments in small enterprises through tax incentives and diaspora-led investment windows.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Matching Funds for Investments: The Chief Executive Officer of the U.S. International Development Finance Corporation will carry out a program to match up to $5,000 in funds per taxpayer for investments that meet specific development goals in health, education, agriculture, clean energy, or youth employment. (Section 4(a))
-
Expanded Investor Status: Members of the African Diaspora who are not currently accredited investors may be treated as accredited investors for specific securities offerings, provided certain conditions are met. (Section 4(b))
-
Support for Diaspora-Led Ventures: A special window will be established to provide support to diaspora-led investment funds, social enterprises, and infrastructure projects. (Section 4(c))
-
Support for Diaspora Bonds: The Secretary of the Treasury and the U.S. International Development Finance Corporation can support the issuance of diaspora bonds through technical assistance and credit enhancement. (Section 5)
-
Lower Remittance Costs: The bill aims to reduce the cost of sending remittances through market competition and the removal of regulatory barriers for fintech-driven, diaspora-owned providers. (Section 3(5) and Section 6(a))
-
Remittance Innovation Funding: The establishment of a Remittance Innovation Fund will provide technical support and seed funding to help establish low-cost and secure remittance providers. (Section 6(b))
-
Tax Deductions for Remittances: Individuals can claim a deduction of up to $3,000 for qualified remittance transfers used for purposes such as housing, agriculture, education, healthcare, or small enterprise support in covered countries. (Section 7(a))
-
Tax Exclusions on Investment Income: Income from "certified diaspora investments"—including dividends or interest—may be excluded from gross income, up to a $12,000 limit. (Section 8(a))
-
Repeal of Existing Taxes: The bill repeals the remittance excise tax, which could lower the cost of transfers. (Section 9)
Potential Negative Impacts for People
-
Investment Limitations: The tax exclusion for certified diaspora investments is limited to a maximum of $12,000 per year. (Section 8(b))
-
Remittance Deduction Cap: The deduction for qualified remittance transfers is capped at $3,000 per individual. (Section 7(a))
-
Securities Offering Restrictions: For those relying on the new accredited investor status, the total funds raised by an issuer through this specific provision cannot exceed 25 percent of the total funds in the offering. (Section 4(b)(2))
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 African Americans+5Good For Business Owners+5Good For Immigrants+4Good For Middle Class Households+4Good For Low Income Households+3
- Economy And Finance
- Improves Small Business Support+5Improves Economic Growth+4Reduces Small Business Taxes+4Increases Job Creation+3Reduces Middle Class Taxes+3
- Environment Energy And Infrastructure
- Improves Rural Development+3Increases Renewable Energy Investment+3
- Social Issues And Justice
- Improves Poverty Reduction+3Improves Affordable Housing+2
- Education And Technology
- Improves Internet Access+2Improves School Choice+2
- National Security And Foreign Policy
- Improves International Trade+3
- Governance And Ideology
- Improves Government Transparency+2
- Healthcare
- Improves Healthcare Access+2
- 9/2/2026
- ASSUMING FIRST SPONSORSHIP - Mr. Jackson (IL) asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4586, a bill originally introduced by Representative Cherfilus-McCormick for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
- 9/30/2025
- 1 Cosponsor added.
- 9/8/2025
- 3 Cosponsors added.
- 7/22/2025
- Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and 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.
- 1 Cosponsor added.
- Introduced in House
Wesley BellDemocrat · Missouri
André CarsonDemocrat · Indiana
Danny DavisDemocrat · Illinois
Jonathan JacksonDemocrat · Illinois
Stacey PlaskettDemocrat · Virgin Islands