Bills · HR 5595
IN COMMITTEE· 119TH CONGRESS
House BillHR 5595Taxation
Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.
INTRO SEP 26· LAST ACTION SEP 26
READING
7MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters to voters because it significantly increases the cost of sending money abroad, which could impact millions of families who rely on these transfers for financial support. For non-U.S. citizens, it represents a substantial new cost on money they send home, potentially reducing the funds available to their families and communities overseas, or pushing them towards informal transfer methods. For U.S. citizens, while a refund mechanism exists, it adds an administrative step, requiring careful record-keeping and tax filing to reclaim the tax paid.
If this bill becomes law, it could generate significant revenue for the U.S. government from international money transfers, primarily from non-U.S. citizens. However, it also creates new administrative burdens for both individuals and financial institutions. If it doesn't pass, the current 1% tax on remittance transfers would remain unchanged, meaning no additional costs or new reporting requirements for these transactions.
KEY PROVISIONS
5AI-extractedPROVISION 01
Increases the existing excise tax on remittance transfers from 1% to 15% of the amount transferred.
This provision significantly raises the cost of sending money out of the country for many individuals.
PROVISION 02
Creates an exception where U.S. citizens and nationals are not subject to the 15% tax if they use a money transfer service that verifies their citizenship status and has an agreement with the Treasury Secretary.
This allows U.S. citizens to avoid the tax upfront, provided they use compliant services and verify their identity.
PROVISION 03
Establishes a new refundable income tax credit for U.S. citizens and nationals to reclaim any 15% excise tax they paid on remittance transfers during the tax year.
This ensures that U.S. citizens who do pay the tax can get it back, preventing it from being a net cost to them, but requires them to file for the credit.
PROVISION 04
Requires money transfer providers to report detailed information to the IRS about remittance transfers, including sender identification for those claiming the tax credit, and aggregate data for other transfers.
This provision introduces new compliance and reporting burdens for money transfer businesses and provides the government with more data on these transactions.
PROVISION 05
Adds penalties for remittance transfer providers who fail to comply with the new reporting requirements.
This creates a strong incentive for providers to adhere to the new rules, impacting their operations and potential liabilities.
SPONSORSHIP
1 + 1
R· Virginia
YRS IN OFFICE
1
BILLS LED
21
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 1 IND 0
ACTION TIMELINE
2 EVENTSSEP 26
Introduced in House
SEP 26
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 5595
Congress119th
StatusIn Committee
IntroducedSep 26, 2025
Last actionSep 26, 2025
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED SEP 26, 2025
House BillHR 5595Taxation
Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.
INTRODUCED SEP 26, 2025· LAST ACTION SEP 26, 2025
PASSAGE CHANCES
—%
READING
7 min
COSPONSORS
1
COMPLEXITY
Moderate
