Action: Provision on “Excise Tax on Remittance Transfers” What it does: As part of the budget reconciliation process to advance the President’s legislative agenda, House Republicans have proposed a 5% excise tax on remittance transfers, paid by senders of remittances. Remittance transfer providers are required to collect the tax and transfer tax payments quarterly to the Treasury and have secondary liability for any tax not paid at the time the remittance is made. The provision includes an exception for senders verified as a US citizen or national by a “qualified remittance transfer provider” that enters into a written agreement with Treasury. Different types of financial services providers, including banks, may qualify. The provision also provides a refundable tax credit for any excise taxes required to be paid by taxpayers with valid Social Security numbers and contains an anti-conduit rule.Key Insights
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