H.R. 4586

119th CONGRESS 1st Session

To establish a comprehensive strategy to support African and Caribbean diaspora engagement in development through reduced remittance costs, investment incentives, and institutional partnerships.

IN THE HOUSE OF REPRESENTATIVES · July 22, 2025 · Sponsor: Mrs. Cherfilus-McCormick

Table of contents

• H.R. 4586
  • Sec. 223A. Deduction for remittances used for qualified purposes.

Sec. 223A. Deduction for remittances used for qualified purposes.

• (a) Deduction allowed
  • In the case of an individual there shall be allowed as a deduction an amount equal to so much of the qualified remittance transfers made by the taxpayer to recipients residing in a covered country during the taxable year as do not exceed $3,000.
• (b) Qualified remittance transfer
  • For purposes of this section, the term qualified remittance transfer means a remittance transfer which is used by the recipient for housing, agriculture, education, healthcare, or small enterprise support.
• (c) Covered country
  • For purposes of this section, the term covered country means a member state of the African Union or a member state of the Caribbean Community (CARICOM).
• (d) Regulations
  • The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.