What is the official ID of this bill?
The official print number for this legislation is HR 6817.
Fee on Foreign Remittance Transfers to Fund Border Security with Tax Credit.
This bill introduces a 10% fee on money transfers sent outside the U.S. to fund border security. U.S. citizens can reclaim this fee through a tax credit. Individuals attempting to evade the fee face severe penalties, and foreign countries aiding evasion could lose U.S. assistance or visa program participation.
Key points
A 10% fee will be imposed on money transfers where the recipient is located outside the United States.
These fees will go into a new Border Enforcement Trust Fund to hire agents, build barriers, and maintain detention facilities.
U.S. citizens will be eligible for a refundable income tax credit for the remittance transfer fees paid.
Evading the fee can result in penalties up to $500,000 or twice the transfer value, and up to 20 years imprisonment.
Foreign countries aiding evasion may lose U.S. foreign assistance or participation in visa waiver programs.
Status:
Expired
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