HR5595-119

Introduced

To amend the Internal Revenue Code of 1986 to modify the tax on remittance transfers.

119th Congress Introduced Sep 26, 2025

Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.

Summary

What This Bill Does

The bill creates short title designating the act as the Requiring Excise for Migrant Income Transfers Act (REMIT Act), creates increases excise tax on remittance transfers from 1% to 15%, creates exemption for verified U.S, and creates refundable tax credit (Section 36C) allowing U.S. citizens/nationals to recover excise tax paid on remittance transfers, contingent on providing Social Security number and substantiating the tax payment through. It relies on tax credits, reporting requirement, naming, and tax increase. The main policy areas are Taxation and Finance.

Who Benefits and How

U.S. citizens and nationals sending remittances would be affected, U.S. Treasury could gain revenue opportunities, and IRS / Treasury Department would be affected.

Who Bears the Burden and How

Remittance transfer providers would be affected, Undocumented immigrants could face higher costs, and Non-citizen immigrants sending remittances could face higher costs.

Key Provisions

  • Creates short title designating the act as the Requiring Excise for Migrant Income Transfers Act (REMIT Act).
  • Creates increases excise tax on remittance transfers from 1% to 15%, creates exemption for verified U.S.
  • Creates refundable tax credit (Section 36C) allowing U.S. citizens/nationals to recover excise tax paid on remittance transfers, contingent on providing Social Security number and substantiating the tax payment through...
  • Establishes new information reporting requirements (Section 6050BB) requiring remittance transfer providers to file returns with IRS detailing transfer volumes, sender information for credit claimants, and aggregate tax...

Evidence Chain:

This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.

At a Glance

What This Bill Does

The bill creates short title designating the act as the Requiring Excise for Migrant Income Transfers Act (REMIT Act), creates increases excise tax on remittance transfers from 1% to 15%, creates exemption for verified U.S, and creates refundable tax credit (Section 36C) allowing U.S. citizens/nationals to recover excise tax paid on remittance transfers, contingent on providing Social Security number and substantiating the tax payment through.

Key Policy Areas

Taxation, Finance

Primary Purpose

The bill creates short title designating the act as the Requiring Excise for Migrant Income Transfers Act (REMIT Act), creates increases excise tax on remittance transfers from 1% to 15%, creates exemption for verified U.S, and creates refundable tax credit (Section 36C) allowing U.S. citizens/nationals to recover excise tax paid on remittance transfers, contingent on providing Social Security number and substantiating the tax payment through.

Policy Domains

Taxation Finance

Whole bill

Identified Gains
  • U.S. citizens and nationals sending remittances
  • U.S. Treasury
  • IRS / Treasury Department
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
U.S. Treasury:
IRS / Treasury Department:
U.S. citizens and nationals sending remittances: ,
Identified Costs
  • Remittance transfer providers
  • Undocumented immigrants
  • Non-citizen immigrants sending remittances
  • Non-citizens without SSN
  • Recipient families in foreign countries
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
Undocumented immigrants:
Non-citizens without SSN:
Remittance transfer providers: ,
Recipient families in foreign countries:
Non-citizen immigrants sending remittances:

Legislative Progress

Introduced
Introduced Committee Passed
Sep 26, 2025

Mr. McGuire introduced the following bill; which was referred to …

Stakeholder Effects

cui bono?

How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.

General Public
7 mentions across 3 clauses
+2 positive -4 negative

Non-citizen immigrants sending remittances, Non-citizens without SSN, Recipient families in foreign countries

Positive-direction: U.S. citizens and nationals sending remittances

Negative-direction: Non-citizen immigrants sending remittances, Non-citizens without SSN, Recipient families in foreign countries, Undocumented immigrants

Government
2 mentions across 2 clauses
+2 positive

IRS / Treasury Department, U.S. Treasury

Financial Services
2 mentions across 2 clauses
-2 negative

Remittance transfer providers

4/4
sections analyzed
Full impact breakdown

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
Taxation Finance

We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.

Learn more about our methodology