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To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes.
Summary
This bill increases the existing federal excise tax on remittance transfers (money sent to foreign countries) from 1 percent to 25 percent and removes certain limitations on the tax. Revenue from the increased tax is designated for deficit reduction and deposited in the general Treasury fund. The bill creates a new refundable tax credit for U.S. citizens who pay the excise tax on remittance transfers made for business or travel purposes, allowing them to claim a credit equal to the full amount of tax paid for these qualifying purposes. The tax increase takes effect retroactively as if included in prior legislation, while the tax credit applies to taxable years ending after the bill's enactment. The bill requires the Secretary of the Treasury to establish regulations to implement the tax credit.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Roy, Chip [R-TX-21] (R-TX)
Money behind the sponsor
Top reported contributors to Chip Roy’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $112,464
- SBG $13,200
- HUFFINES COMMUNITIES $10,250
- Q2 BANKING $9,900
- WOODFOREST FINANCIAL GROUP $8,700
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Chip Roy → · Outside spending →
Actions (2)
- May 21, 2026 Referred to the House Committee on Ways and Means. · house
- May 21, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 21, 2026
Mr. Roy introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Reducing External Monetary International Transfers To Advance National Capital Efficiency Act” or the “REMITTANCE Act”.
SEC. 2. MODIFICATION OF EXCISE TAX ON REMITTANCE TRANSFERS.
(a) Excise Tax Increased.—Section 4475(a) of the Internal Revenue Code of 1986 is amended by striking “1 percent” and inserting “25 percent”.
(b) Removal of Limitations on Excise Tax.—Section 4475 of such Code is amended by striking subsections (c) through (e), by redesignating subsection (f) as subsection (d), and by inserting after subsection (b) the following new subsection:
“(c) Definitions.—For purposes of this section, the terms ‘remittance transfer’, ‘remittance transfer provider’, and ‘sender’ shall each have the respective meanings given such terms by section 919(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o-1(g)).”.
(c) Technical Amendment.—Section 4475(b)(2) of such Code is amended by striking the comma at the end and inserting a period.
(d) Effective Date.—The amendments made by this section shall take effect as if included in section 70604 of Public Law 119-21.
(e) Excise Tax Used for Deficit Reduction.—Amounts received under section 4475(a) of the Internal Revenue Code of 1986 (as amended by this section) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction.
SEC. 3. ESTABLISHMENT OF REFUNDABLE TAX CREDIT FOR EXCISE TAX PAID ON CERTAIN REMITTANCE TRANSFERS BY CITIZENS OF THE UNITED STATES.
(a) In General.—Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:
“SEC. 36C. EXCISE TAX PAID ON CERTAIN REMITTANCE TRANSFERS BY CITIZENS OF THE UNITED STATES.
“(a) In General.—In the case of any individual who is a citizen of the United States, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the aggregate amount of tax paid by such individual under section 4475(b)(1) for business or travel purposes (as determined by the Secretary) during such taxable year.
“(b) Regulations.—The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.”.
(b) Conforming Amendments.—
(1) Section 6211(b)(4)(A) of such Code is amended by inserting “36C,” after “36B,”.
(2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting “36C,” after “36B,”.
(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item:
“Sec. 36C. Excise tax paid on certain remittance transfers by citizens of the United States.”.
(c) Effective Date.—The amendments made by this section shall apply with respect to taxable years ending after the date of the enactment of this Act. <all>
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