To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8995 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8995 To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 21, 2026 Mr. Roy introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to modify the excise tax on remittance transfers, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Reducing External Monetary International Transfers To Advance National Capital Efficiency Act'' or the ``REMITTANCE Act''. SEC. 2. MODIFICATION OF EXCISE TAX ON REMITTANCE TRANSFERS. (a) Excise Tax Increased.--Section 4475(a) of the Internal Revenue Code of 1986 is amended by striking ``1 percent'' and inserting ``25 percent''. (b) Removal of Limitations on Excise Tax.--Section 4475 of such Code is amended by striking subsections (c) through (e), by redesignating subsection (f) as subsection (d), and by inserting after subsection (b) the following new subsection: ``(c) Definitions.--For purposes of this section, the terms `remittance transfer', `remittance transfer provider', and `sender' shall each have the respective meanings given such terms by section 919(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o-1(g)).''. (c) Technical Amendment.--Section 4475(b)(2) of such Code is amended by striking the comma at the end and inserting a period. (d) Effective Date.--The amendments made by this section shall take effect as if included in section 70604 of Public Law 119-21. (e) Excise Tax Used for Deficit Reduction.--Amounts recei