To amend the Internal Revenue Code of 1986 to establish a tax on remittance transfers.
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
This bill, To amend the Internal Revenue Code of 1986 to establish a tax on remittance
transfers., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section S1: 1. Short title This Act may be cited as the Requiring Excise for Migrant Income Transfers Act or the REMIT Act.
- Section id69dfda7127cb494aad6f0857dfac0571: 2. Excise tax on remittance transfers Chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after subchapter B the following new subchapter:...
- Section IDD0A5FCB5EEFF4E71958B61448411F171: 4475. Imposition of tax There is hereby imposed on any remittance transfer a tax equal to 15 percent of the amount of such transfer. The tax imposed by this...
- Section ID71F24DC03A654BD2BFE5D9AC5F2CF1FF: 36C. Credit for excise tax on remittance transfers of citizens and nationals of the united states In the case of any individual, there shall be allowed as a...
- Section IDC4012C5E30FE4D7BB79CD30ECACA2577: 6050AA. Returns relating to remittance transfers Each remittance transfer provider shall make a return at such time as the Secretary may provide setting forth—...
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
This bill, To amend the Internal Revenue Code of 1986 to establish a tax on remittance transfers., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Foreign Policy
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to establish a tax on remittance transfers., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Schmitt introduced the following bill; which was read twice …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → The Secretary identified in the operative section
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.
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