REMIT Act

This bill would add a new federal tax to money transfer transactions called “remittance transfers.” In plain terms, when someone sends money using a remittance service, a tax would be charged on that transfer. The bill changes the tax code to make this happen, but the text provided does not include the tax rate, start date, or any exemptions. It only states that a tax on remittance transfers would be created .

Key points

• What changes: A new federal tax would be charged on remittance transfers .
• Who is affected: People sending money through remittance services, and the companies that process those transfers .
• When: Not specified in the text provided .
• Other details (rate, exemptions, enforcement): Not provided in the text available .