,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bjjb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #aj1 #bjbe ,mr4  
,s*mitt introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% a tax  
on remittance transf]s4  #a4  ,%ort     
title  ,?is ,act may be cit$ z !        
,requir+ ,excise = ,migrant ,income     
,transf]s ,act or ! ,,remit ,act4  #b4  
,excise tax on remittance transf]s  7a7 
,9 g5]al  ,*apt] #cf ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] sub*apt] ,b ! foll[+ new sub*apt]3
  ,c  ,remittance transf]s  ,sec4 #ddge4
 ,imposition ( tax4  #ddge4  ,imposition
 ( tax  7a7  ,9 g5]al  ,!re is h]eby    
impos$ on any remittance transf] a tax  
equal to #ae p]c5t ( ! am\nt ( su*      
transf]4  7b7  ,paym5t ( tax  7#a7  ,9  
g5]al  ,! tax impos$ by ?is section )   
respect to any remittance transf] %all  
be paid by ! s5d] ) respect to su*      
transf]4  7#b7  ,collection  ,!         

remittance transf] provid] ) respect to 
any remittance transf] %all collect !   
am\nt ( ! tax impos$ "u subsection 7a7 )
 respect to su* transf] f ! s5d] & remit
 su* tax qu>t]ly to ! ,secret>y at su*  
"t & 9 su* mann] z provid$ by !         
,secret>y4  7#c7  ,second>y liability   
,:]e any tax impos$ by subsection 7a7 is
 n paid at ! "t ! transf] is made1 !n to
 ! ext5t t su* tax is n collect$1 su*   
tax %all be paid by ! remittance transf]
 provid]4  7c7  ,exception = remittance 
transf]s s5t by citiz5s & nationals ( ! 
unit$ /ates ?r\gh c]ta9 provid]s  7#a7  
,9 g5]al  ,subsection 7a7 %all n apply  
to any remittance transf] ) respect to  
:i* ! remittance transf] provid] is a   
qualifi$ remittance transf] provid] & ! 
s5d] is a v]ifi$ ,unit$ ,/ates s5d]4    
7#b7  ,qualifi$ remittance transf]      
provid]  ,= purposes ( ?is subsection1 !
 t]m qualifi$ remittance transf] provid]
 means any remittance transf] provid]   
:i* ent]s into a writt5 agreem5t ) !    
,secret>y pursuant to :i* su* provid]   

agrees to v]ify ! /atus ( s5d]s z       
citiz5s or nationals ( ! ,unit$ ,/ates 9
 su* mann]1 & 9 accordance ) su*        
proc$ures1 z ! ,secret>y may specify4   
7#c7  ,v]ifi$ unit$ /ates s5d]  ,=      
purposes ( ?is subsection1 ! t]m v]ifi$ 
,unit$ ,/ates s5d] means any s5d] :o is 
v]ifi$ by a qualifi$ remittance transf] 
provid] z be+ a citiz5 or national ( !  
,unit$ ,/ates pursuant to an agreem5t   
describ$ 9 p>agraph 7#b74  7d7          
,def9itions  ,= purposes ( ?is section1 
! t]ms remittance transf]1 remittance   
transf] provid]1 designat$ recipi5t1 &  
s5d] %all ea* h ! respective mean+s giv5
 su* t]ms by section #ibj7;g7 ( !       
,electronic ,fund ,transf] ,act 7#ae    
,u4,s4,c4 #afico-#a2 relat+ to          
,remittance ,transf]s74  7e7            
,application ( anti-,conduit rules  ,=  
purposes ( section #ggja7l7 ) respect to
 any multiple-p>ty arrangem5ts involv+ !
 s5d]1 a remittance transf] %all be     
treat$ z a f9anc+ transaction4  4  7b7  
,refundable income tax cr$it all[$ to   

citiz5s & nationals ( ! unit$ /ates =   
excise tax on remittance transf]s       
,subp>t ,c ( "p ,,iv ( sub*apt] ,a (    
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] section   
#cf;,b ! foll[+ new section3  #cf;,c4   
,cr$it = excise tax on remittance       
transf]s ( citiz5s & nationals ( ! unit$
 /ates  7a7  ,9 g5]al  ,9 ! case ( any  
individual1 !re %all be all[$ z a cr$it 
aga9/ ! tax impos$ by ?is subtitle = any
 taxable ye> an am\nt equal to !        
aggregate am\nt ( taxes paid by su*     
individual "u section #ddge dur+ su*    
taxable ye>4  7b7  ,social security     
numb] requirem5t  7#a7  ,9 g5]al  ,no   
cr$it %all be all[$ "u ?is section      
unless ! taxpay] includes on ! return ( 
tax = ! taxable ye>--  7,a7 !           
individual's social security numb]1 &   
7,b7 if ! individual is m>ri$1 ! social 
security numb] ( su* individuals's      
sp\se4  7#b7  ,social security numb]  ,=
 purposes ( ?is subsection1 ! t]m social
 security numb] has ! mean+ giv5 su* t]m

 9 section #bd7;h77#g74  7#c7  ,m>ri$   
individuals  ,rules simil> to ! rules ( 
section #cb7;d7 %all apply to ?is       
section4  7c7  ,sub/antiation           
requirem5ts  ,no cr$it %all be all[$ "u 
?is section unless ! taxpay] demon/rates
 to ! satisfaction ( ! ,secret>y t ! tax
 "u section #ddge ) respect to :i* su*  
cr$it is det]m9$--  7#a7 0 paid by !    
taxpay]1 &  7#b7 is ) respect to a      
remittance transf] ) respect to :i* !   
taxpay] provid$ to ! remittance transf] 
provid] ! c]tification & in=mation      
ref]r$ to 9 section #fjej;,,bb7a77#b74  
7d7  ,def9itions  ,any t]m us$ 9 ?is    
section :i* is also us$ 9 section #ddge 
%all h ! mean+ giv5 su* t]m 9 section   
#ddge4  7e7  ,application (             
anti-,conduit rules  ,= rules provid+ = 
! application ( ! anti-conduit rules (  
section #ggja7l7 to remittance transf]s1
 see section #ddge7;e74  4  7c7         
,report+ by remittance transf] provid]s 
7#a7  ,9 g5]al  ,subp>t ,b ( "p ,,iii ( 
sub*apt] ,a ( *apt] #fa ( ! ,int]nal    

,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3          
#fjej;,,aa4  ,returns relat+ to         
remittance transf]s  7a7  ,9 g5]al  ,ea*
 remittance transf] provid] %all make a 
return at su* "t z ! ,secret>y may      
provide sett+ =?--  7#a7 9 ! case ( a   
qualifi$ remittance transf] provid] )   
respect to remittance transf]s to :i*   
section #ddge7;a7 does n apply by reason
 ( section #ddge7;c71 ! aggregate numb] 
& value ( su* transf]s1  7#b7 9 ! case (
 any remittance transf] n describ$ 9    
p>agraph 7#a7 & ) respect to :i* ! s5d] 
c]tifies to ! remittance transf] provid]
 an int5t to claim ! cr$it "u section   
#cf;,c & provides ! in=mation describ$ 9
 p>agraph 7#a7--  7,a7 ! "n1 address1 & 
social security numb] ( ! s5d]1  7,b7 ! 
am\nt ( tax paid by ! s5d] "u section   
#ddge7;b77#a71 &  7,c7 ! am\nt ( tax    
remitt$ by ! remittance transf] provid] 
"u section #ddge7;b77#b71 &  7#c7 9 !   
case ( any remittance transf] n includ$ 
"u p>agraph 7#a7 or 7#b7--  7,a7 !      

aggregate am\nt ( tax paid "u section   
#ddge7;b77#a7 ) respect to su* transf]s1
 &  7,b7 ! aggregate am\nt ( tax remitt$
 "u section #ddge7;b77#b7 ) respect to  
su* transf]s4  7b7  ,/atem5t ,to be     
furni%$ to nam$ p]sons  ,e p]son requir$
 to make a return "u subsection 7a7 %all
 furni%1 at su* "t z ! ,secret>y may    
provide1 to ea* p]son ^: "n is requir$  
to be set =? 9 su* return a writt5      
/atem5t %[+--  7#a7 ! "n & address ( !  
in=mation contact ( ! requir$ report+   
p]son1 &  7#b7 ! in=mation describ$ 9   
subsection 7a77#b7 :i* relates to su*   
p]son4  7c7  ,def9itions  ,any t]m us$ 9
 ?is section :i* is also us$ 9 section  
#ddge %all h ! mean+ giv5 su* t]m 9 su* 
section4  4  7#b7  ,p5alties  ,section  
#fgbd7;d7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$-- 7,a7 9 p>agraph        
7#a77;,b71 by /rik+ or at ! end ( clause
 7xxvii71 by /rik+ & at ! end ( clause  
7xxviii7 & ins]t+ or1 & by add+ at ! end
 ! foll[+ new clause3  7xxix7 section   
#fjej;,,bb7a7 7relat+ to returns relat+ 

to remittance transf]s71  1 &  7,b7 9   
p>agraph 7#b71 by /rik+ or at ! end (   
subp>agraph 7,,kk71 by /rik+ ! p]iod at 
! end ( subp>agraph 7,,ll7 & ins]t+ 1   
or1 & by ins]t+ aft] subp>agraph 7,,ll7 
! foll[+ new subp>agraph3  7,,mm7       
section #fjej;,,bb7b7 7relat+ to        
/atem5ts relat+ to remittance transf]s74
  4  7d7  ,con=m+ am5dm5ts  7#a7        
,section #fbaa7;b77#d77;,a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by      
ins]t+ #cf;,c1 aft] #cf;,b14  7#b7      
,section #fbac7;g77#b7 ( su* ,code is   
am5d$ by /rik+ & at ! end ( subp>agraph 
7,u71 by /rik+ ! p]iod at ! end (       
subp>agraph 7,v7 & ins]t+ 1 &1 & by     
ins]t+ aft] subp>agraph 7,v7 ! foll[+   
new subp>agraph3  7,w7 an omission ( a  
correct social security numb] "u section
 #cf;,c7b7 to be includ$ on a return4  4
  7#c7 ,section #acbd7;b77#b7 ( title   
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
ins]t+ #cf;,c1 aft] #cf;,b14  7#d7 ,!   
table ( sections = subp>t ,c ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    

,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to section #cf;,b ! 
foll[+ new item3  ,sec4 #cf;,c4 ,cr$it =
 excise tax on remittance transf]s (    
citiz5s & nationals ( ! ,unit$ ,/ates4  
4  7#e7 ,! table ( sections = subp>t ,b 
( "p ,,iii ( sub*apt] ,a ( *apt] #fa (  
su* ,code is am5d$ by add+ at ! end !   
foll[+ new item3  ,sec4 #fjej;,,aa4     
,returns relat+ to remittance transf]s4 
4  7#f7 ,! table ( sub*apt]s = *apt] #cf
 ( su* ,code is am5d$ by ins]t+ aft] !  
item relat+ to sub*apt] ,b ! foll[+ new 
item3  ,sub*apt] c--,remittance transf]s
  4  7e7  ,effective date  7#a7  ,9     
g5]al  ,except z o!rwise provid$ 9 ?is  
subsection1 ! am5dm5ts made by ?is      
section %all apply to transf]s made aft]
 ,decemb] #ca1 #bjbe4  7#b7  ,tax cr$it 
,! am5dm5ts made by subsection 7b71 &   
p>agraphs 7#a7 ?r\gh 7#d7 ( subsection  
7d71 %all apply to taxable ye>s end+    
aft] ,decemb] #ca1 #bjbe4