Senate
Jun 10, 2025

REMIT Act

Summary

AI Generated

The REMIT Act amends the Internal Revenue Code to impose a 15% excise tax on remittance transfers (money sent abroad by individuals through providers like banks or apps). Senders pay the tax upfront, collected by providers and remitted quarterly to the IRS. Providers face secondary liability if uncollected. U.S. citizens and nationals are exempt if using a "qualified" provider that verifies...

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Bill Progress

Bill has been introduced and assigned a number

Introduced(6/10/25)
Committee
Passed House
Passed Senate
President
Law

Sponsor

ES

Mr. Schmitt

Senate (R) Missouri

Latest Action

Read twice and referred to the Committee on Finance.

Jun 10, 2025

View Bill on Congress.gov