The bill would increase the federal excise tax on remittance transfers from 1% to 15%. The tax would not apply to transfers sent by a verified U.S. citizen or national through a provider that has an agreement with the Treasury Secretary to verify senders. The bill would also allow individuals to claim a credit for remittance transfer taxes they paid, subject to Social Security number and proof requirements. Transfer providers would have new reporting duties.
If you send money abroad, the tax rate could rise unless your transfer meets the bill’s exemption. U.S. citizens and nationals could qualify for that exemption through a participating provider. Individuals who pay the tax could seek a credit on their tax return if they meet the bill’s requirements.
The bill changes the tax rate and creates a tax credit. No publicly available information gives an estimate of the resulting expenses or revenue.
No publicly available information.
No publicly available information.