S.2002

The REMIT Act imposes a 15% tax on remittance transfers and allows a refundable tax credit for U.S. citizens and nationals.

The REMIT Act amends the Internal Revenue Code to establish a 15% tax on all remittance transfers. This tax is to be paid by the sender of the transfer. Remittance transfer providers must collect the tax from the sender and remit it to the Secretary of the Treasury. The Act also provides a refundable tax credit for U.S. citizens and nationals who pay the tax on their transfers. Certain remittance transfer providers can avoid the tax if they verify the sender's U.S. citizenship or nationality. The Act includes provisions for reporting and substantiation requirements to ensure compliance.