Increases the excise tax on certain remittance transfers by U.S. citizens and establishes a refundable tax credit for the tax paid.
The bill amends the Internal Revenue Code to increase the excise tax on remittance transfers by U.S. citizens from 1% to 25%. It also establishes a refundable tax credit for the excise tax paid on these transfers for business or travel purposes. The tax revenue generated will be deposited in the general fund of the Treasury for deficit reduction. The changes apply to taxable years ending after the date of enactment.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.