In CommitteeFiled May 21, 2026
Sponsor: Rep. Roy, Chip [R-TX-21] (R)
Latest Action
Referred to the House Committee on Ways and Means.
May 21, 2026
Summary
The REMITTANCE Act lifts the excise tax on money‑transfer services from 1% to 25% and removes several existing limits on that tax. It also creates a refundable tax credit for U.S. citizens who pay the tax on remittances made for business or travel, letting them recover the amount. Tax proceeds are directed to the Treasury’s general fund for deficit reduction.
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