Bill · H.R. 5595· House(119-HR-5595)
Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.
- Introduced
- 9/26/2025
- Last activity
- 9/26/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- John McGuire
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "REMIT Act," aims to modify the tax on remittance transfers by significantly increasing the rate. It raises the tax rate from 1 percent to 15 percent under the Internal Revenue Code. To mitigate this, the bill creates an exception for transfers sent by verified United States citizens or nationals through qualified providers. Additionally, it establishes a new refundable income tax credit that allows citizens and nationals to recover the excise tax paid on these transfers. The legislation also introduces new reporting requirements for remittance transfer providers.
Yes· 3 of 4
Would high-income households be better off under this?+1
The bill provides a mechanism for US citizens and nationals to recover the tax via a refundable credit.
Does this make what the government does easier for the public to see?+1
The bill implements new reporting and return requirements for remittance transfer providers.
Does this tighten control of the border?+1
The bill targets money transfers often associated with migration through increased excise taxes.
The opposite· 3 of 6
Would immigrants be better off under this?-4
The bill increases the tax burden on remittances, which are often sent by or to immigrant communities.
Would households on low incomes be better off under this?-3
The bill imposes a significant tax increase on remittance transfers that may affect lower-income senders.
Would Hispanic Americans be better off under this?-3
The increased tax on remittances may disproportionately affect Hispanic American households that send money abroad.
Who it would affect, and how
Potential Positive Impacts for People
-
Tax Relief for Citizens and Nationals: Individuals who are citizens or nationals of the United States can receive a refundable income tax credit equal to the aggregate amount of taxes paid on their remittance transfers (Section 2(c)(1)).
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Exemption from Increased Tax Rates: The 15 percent tax rate will not apply to remittance transfers if the sender is a verified United States citizen or national and uses a qualified remittance transfer provider (Section 2(b)(1)).
Potential Negative Impacts for People
-
Significant Tax Increase: The tax rate on remittance transfers is increased from 1 percent to 15 percent (Section 2(a)).
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Strict Requirements for Tax Credits: To claim the tax credit, individuals must provide their social security number and, if married, their spouse's social security number (Section 2(c)(1)(b)(1)).
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Burdensome Documentation for Credits: Taxpayers must demonstrate to the satisfaction of the Secretary that the tax was paid and that they provided specific certification and information to the remittance transfer provider (Section 2(c)(1)(c)).
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New Compliance Obligations for Providers: Remittance transfer providers are now required to make specific returns and furnish written statements to individuals regarding the tax information (Section 2(d)(1)).
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 High Income Households+1Good For Immigrants-4Good For Hispanic Americans-3Good For Low Income Households-3
- Governance And Ideology
- Improves Government Transparency+1Improves Privacy Rights-2
- Social Issues And Justice
- Improves Border Security+1Improves Poverty Reduction-2
- Economy And Finance
- Increases Corporate Taxes+1Reduces Government Spending-1
- 9/30/2025
- 1 Cosponsor added.
- 9/26/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Michael RulliRepublican · Ohio