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

# REMIT Act Summary **What the Bill Would Do** The "Requiring Excise for Migrant Income Transfers Act" (REMIT Act) would impose a new federal excise tax on money transfers sent by immigrants to people in other countries. If passed, this tax would apply to remittances—funds that foreign-born workers send back to family members abroad. The bill would create a new revenue stream for the federal government through this taxation mechanism. **Who It Affects** This legislation would primarily affect immigrants and foreign-born residents who regularly send money to family members, relatives, or others in their home countries. It could also impact money transfer services and financial institutions that facilitate these transactions.

Families in recipient countries who depend on these remittances could potentially be affected if the tax reduces the amount being sent. **Current Status** The bill was introduced by Representative John J. McGuire (R-VA) in the 119th Congress and is currently in committee, meaning it has not yet been voted on by the full House of Representatives. No specific provisions or tax rate details are publicly available at this stage.