REMIT Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2002 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2002 To amend the Internal Revenue Code of 1986 to establish a tax on remittance transfers. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 10, 2025 Mr. Schmitt introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish a tax on remittance transfers. 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 ``Requiring Excise for Migrant Income Transfers Act'' or the ``REMIT Act''. SEC. 2. EXCISE TAX ON REMITTANCE TRANSFERS. (a) In General.--Chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after subchapter B the following new subchapter: ``Subchapter C--Remittance Transfers ``Sec. 4475. Imposition of tax. ``SEC. 4475. IMPOSITION OF TAX. ``(a) In General.--There is here…