Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.

H.R. 5595, the Requiring Excise for Migrant Income Transfers Act (REMIT Act), would impose an excise tax on remittances—money that migrants send to recipients outside the United States. The bill is currently in the House and has been referred to committee for consideration. If enacted, this tax would apply to international money transfers made by individuals, potentially increasing the cost for migrants sending funds to family members or others abroad. The practical effect would be that people sending money internationally would face an additional tax burden on those transfers, which could reduce the amount of money reaching recipients or increase costs for senders.