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Remittance Tax: Higher Rates and Refunds for US Citizens

This act significantly increases the tax on money transfers sent abroad from 1% to 15%. US citizens and nationals can claim a refund for this tax, provided they meet specific requirements, such as providing a Social Security number and using approved service providers. These changes may impact the cost of sending money abroad, especially for non-US citizens.
Key points
The tax rate on money transfers sent abroad increases from 1% to 15%.
US citizens and nationals can receive a refund for the paid tax if they meet conditions, including providing a Social Security number and using verified providers.
Remittance transfer providers will be required to verify sender status and report transactions to the IRS.
article Official text account_balance Process page
Introduced
Citizen Poll
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Additional Information
Print number: 119_HR_5595
Sponsor: Rep. McGuire, John J. [R-VA-5]
Process start date: 2025-09-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_5595.

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 2025-09-26.

What are the main provisions?

Key points include:

  • The tax rate on money transfers sent abroad increases from 1% to 15%.
  • US citizens and nationals can receive a refund for the paid tax if they meet conditions, including providing a Social Security number and using verified providers.
  • Remittance transfer providers will be required to verify sender status and report transactions to the IRS.
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. McGuire, John J. [R-VA-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

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

CATEGORIES

Taxes Migration