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Support for African and Caribbean Diaspora Investments and Remittances

This act aims to facilitate and reduce the cost of sending money by individuals of African and Caribbean descent to their home countries. It introduces tax benefits for those sending money for housing, education, or healthcare, as well as for those investing in these regions. The goal is to support economic and social development in Africa and the Caribbean.
Key points
Tax deduction of up to $3,000 for remittances used for housing, agriculture, education, healthcare, or small business support in Africa and the Caribbean.
Exclusion from gross income of up to $12,000 annually from dividends and interest on certified diaspora investments in Africa and the Caribbean.
Repeal of the remittance excise tax, reducing the cost of sending money abroad.
Support for diaspora investments through matching fund programs and a special window for diaspora-led investment funds.
Regulatory relief and an innovation fund for remittance providers, especially those owned by the African Diaspora and using fintech.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4586
Sponsor: Rep. Cherfilus-McCormick, Sheila [D-FL-20]
Process start date: 2025-07-22
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

AIDA

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4586.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-07-22.

What are the main provisions?

Key points include:

  • Tax deduction of up to $3,000 for remittances used for housing, agriculture, education, healthcare, or small business support in Africa and the Caribbean.
  • Exclusion from gross income of up to $12,000 annually from dividends and interest on certified diaspora investments in Africa and the Caribbean.
  • Repeal of the remittance excise tax, reducing the cost of sending money abroad.
  • Support for diaspora investments through matching fund programs and a special window for diaspora-led investment funds.
  • Regulatory relief and an innovation fund for remittance providers, especially those owned by the African Diaspora and using fintech.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cherfilus-McCormick, Sheila [D-FL-20].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy Migration