United StatesHouse Bill 4586HR 4586

AIDA

International Affairs

16 pages

house
senate
president

Last progress July 22, 2025 (4 months ago)

Introduced on July 22, 2025 by Sheila Cherfilus-McCormick

Sponsors (6)

House Votes

Pending Committee

July 22, 2025 (4 months ago)

Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Senate Votes

Vote Data Not Available

This proposal aims to help people in the African and Caribbean diaspora support development back home. It pushes for lower money transfer (remittance) costs, encourages investment, and builds partnerships with institutions to make this support easier and more effective.

A key change is a new tax break for individuals who send money to people living in African Union or CARICOM countries. If the money is used for housing, farming, education, health care, or small business support, you could subtract up to $3,000 of those transfers from your taxable income each year. The Treasury Department would set the detailed rules for how this works.

Who is affected: People in the U.S. sending money to recipients in African Union or CARICOM countries, and those recipients who use the funds for approved purposes.
What changes: A yearly tax deduction of up to $3,000 for qualifying remittances used for housing, agriculture, education, health care, or small enterprises; rules to be issued by the Treasury.
When: Timing depends on the rules the Treasury issues.

AIDA

Sponsors (6)

House Votes

Senate Votes

Presidential Signature

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