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.
(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 received under section 4475(a) of the Internal Revenue Code of 1986 (as amended by this section) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction.
(a) In general
Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:
(a) In general
In the case of any individual who is a citizen of the United States, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the aggregate amount of tax paid by such individual under section 4475(b)(1) for business or travel purposes (as determined by the Secretary) during such taxable year.
(b) Regulations
The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.
(1) Section 6211(b)(4)(A) of such Code is amended by inserting 36C, after 36B,.
(2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting 36C, after 36B,.
(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item:
(c) Effective date
The amendments made by this section shall apply with respect to taxable years ending after the date of the enactment of this Act.