,,ii #aaith ,,congress #ast ,session ,s4 #bjjb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #aj1 #bjbe ,mr4 ,schmitt introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to establish a tax on remittance transfers4 #a4 ,short title ,this ,act may be cited as the ,requiring ,excise for ,migrant ,income ,transfers ,act or the ,,remit ,act4 #b4 ,excise tax on remittance transfers 7a7 ,in general ,chapter #cf of the ,internal ,revenue ,code of #aihf is amended by inserting after subchapter ,b the following new subchapter3 ,c ,remittance transfers ,sec4 #ddge4 ,imposition of tax4 #ddge4 ,imposition of tax 7a7 ,in general ,there is hereby imposed on any remittance transfer a tax equal to #ae percent of the amount of such transfer4 7b7 ,payment of tax 7#a7 ,in general ,the tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer4 7#b7 ,collection ,the remittance transfer provider with respect to any remittance transfer shall collect the amount of the tax imposed under subsection 7a7 with respect to such transfer from the sender and remit such tax quarterly to the ,secretary at such time and in such manner as provided by the ,secretary4 7#c7 ,secondary liability ,where any tax imposed by subsection 7a7 is not paid at the time the transfer is made1 then to the extent that such tax is not collected1 such tax shall be paid by the remittance transfer provider4 7c7 ,exception for remittance transfers sent by citizens and nationals of the united states through certain providers 7#a7 ,in general ,subsection 7a7 shall not apply to any remittance transfer with respect to which the remittance transfer provider is a qualified remittance transfer provider and the sender is a verified ,united ,states sender4 7#b7 ,qualified remittance transfer provider ,for purposes of this subsection1 the term qualified remittance transfer provider means any remittance transfer provider which enters into a written agreement with the ,secretary pursuant to which such provider agrees to verify the status of senders as citizens or nationals of the ,united ,states in such manner1 and in accordance with such procedures1 as the ,secretary may specify4 7#c7 ,verified united states sender ,for purposes of this subsection1 the term verified ,united ,states sender means any sender who is verified by a qualified remittance transfer provider as being a citizen or national of the ,united ,states pursuant to an agreement described in paragraph 7#b74 7d7 ,definitions ,for purposes of this section1 the terms remittance transfer1 remittance transfer provider1 designated recipient1 and sender shall each have the respective meanings given such terms by section #ibj7;g7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#a2 relating to ,remittance ,transfers74 7e7 ,application of anti-,conduit rules ,for purposes of section #ggja7l7 with respect to any multiple-party arrangements involving the sender1 a remittance transfer shall be treated as a financing transaction4 4 7b7 ,refundable income tax credit allowed to citizens and nationals of the united states for excise tax on remittance transfers ,subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #cf;,b the following new section3 #cf;,c4 ,credit for excise tax on remittance transfers of citizens and nationals of the united states 7a7 ,in general ,in the case of any individual1 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 taxes paid by such individual under section #ddge during such taxable year4 7b7 ,social security number requirement 7#a7 ,in general ,no credit shall be allowed under this section unless the taxpayer includes on the return of tax for the taxable year-- 7,a7 the individual's social security number1 and 7,b7 if the individual is married1 the social security number of such individuals's spouse4 7#b7 ,social security number ,for purposes of this subsection1 the term social security number has the meaning given such term in section #bd7;h77#g74 7#c7 ,married individuals ,rules similar to the rules of section #cb7;d7 shall apply to this section4 7c7 ,substantiation requirements ,no credit shall be allowed under this section unless the taxpayer demonstrates to the satisfaction of the ,secretary that the tax under section #ddge with respect to which such credit is determined-- 7#a7 was paid by the taxpayer1 and 7#b7 is with respect to a remittance transfer with respect to which the taxpayer provided to the remittance transfer provider the certification and information referred to in section #fjej;,,bb7a77#b74 7d7 ,definitions ,any term used in this section which is also used in section #ddge shall have the meaning given such term in section #ddge4 7e7 ,application of anti-,conduit rules ,for rules providing for the application of the anti-conduit rules of section #ggja7l7 to remittance transfers1 see section #ddge7;e74 4 7c7 ,reporting by remittance transfer providers 7#a7 ,in general ,subpart ,b of part ,,iii of subchapter ,a of chapter #fa of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #fjej;,,aa4 ,returns relating to remittance transfers 7a7 ,in general ,each remittance transfer provider shall make a return at such time as the ,secretary may provide setting forth-- 7#a7 in the case of a qualified remittance transfer provider with respect to remittance transfers to which section #ddge7;a7 does not apply by reason of section #ddge7;c71 the aggregate number and value of such transfers1 7#b7 in the case of any remittance transfer not described in paragraph 7#a7 and with respect to which the sender certifies to the remittance transfer provider an intent to claim the credit under section #cf;,c and provides the information described in paragraph 7#a7-- 7,a7 the name1 address1 and social security number of the sender1 7,b7 the amount of tax paid by the sender under section #ddge7;b77#a71 and 7,c7 the amount of tax remitted by the remittance transfer provider under section #ddge7;b77#b71 and 7#c7 in the case of any remittance transfer not included under paragraph 7#a7 or 7#b7-- 7,a7 the aggregate amount of tax paid under section #ddge7;b77#a7 with respect to such transfers1 and 7,b7 the aggregate amount of tax remitted under section #ddge7;b77#b7 with respect to such transfers4 7b7 ,statement ,to be furnished to named persons ,every person required to make a return under subsection 7a7 shall furnish1 at such time as the ,secretary may provide1 to each person whose name is required to be set forth in such return a written statement showing-- 7#a7 the name and address of the information contact of the required reporting person1 and 7#b7 the information described in subsection 7a77#b7 which relates to such person4 7c7 ,definitions ,any term used in this section which is also used in section #ddge shall have the meaning given such term in such section4 4 7#b7 ,penalties ,section #fgbd7;d7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 in paragraph 7#a77;,b71 by striking or at the end of clause 7xxvii71 by striking and at the end of clause 7xxviii7 and inserting or1 and by adding at the end the following new clause3 7xxix7 section #fjej;,,bb7a7 7relating to returns relating to remittance transfers71 1 and 7,b7 in paragraph 7#b71 by striking or at the end of subparagraph 7,,kk71 by striking the period at the end of subparagraph 7,,ll7 and inserting 1 or1 and by inserting after subparagraph 7,,ll7 the following new subparagraph3 7,,mm7 section #fjej;,,bb7b7 7relating to statements relating to remittance transfers74 4 7d7 ,conforming amendments 7#a7 ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by inserting #cf;,c1 after #cf;,b14 7#b7 ,section #fbac7;g77#b7 of such ,code is amended by striking and at the end of subparagraph 7,u71 by striking the period at the end of subparagraph 7,v7 and inserting 1 and1 and by inserting after subparagraph 7,v7 the following new subparagraph3 7,w7 an omission of a correct social security number under section #cf;,c7b7 to be included on a return4 4 7#c7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #cf;,c1 after #cf;,b14 7#d7 ,the table of sections for subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #cf;,b the following new item3 ,sec4 #cf;,c4 ,credit for excise tax on remittance transfers of citizens and nationals of the ,united ,states4 4 7#e7 ,the table of sections for subpart ,b of part ,,iii of subchapter ,a of chapter #fa of such ,code is amended by adding at the end the following new item3 ,sec4 #fjej;,,aa4 ,returns relating to remittance transfers4 4 7#f7 ,the table of subchapters for chapter #cf of such ,code is amended by inserting after the item relating to subchapter ,b the following new item3 ,subchapter c--,remittance transfers 4 7e7 ,effective date 7#a7 ,in general ,except as otherwise provided in this subsection1 the amendments made by this section shall apply to transfers made after ,december #ca1 #bjbe4 7#b7 ,tax credit ,the amendments made by subsection 7b71 and paragraphs 7#a7 through 7#d7 of subsection 7d71 shall apply to taxable years ending after ,december #ca1 #bjbe4