The "Requiring Excise for Migrant Income Transfers Act," or REMIT Act, proposes to amend the Internal Revenue Code of 1986 by establishing a new 15% excise tax on remittance transfers. This tax is to be paid by the sender of the transfer, and the remittance transfer provider is responsible for collecting it and remitting it quarterly to the Secretary of the Treasury. The provider also bears secondary liability if the tax is not paid at the time of the transfer. The bill includes significant provisions to mitigate the tax's impact on U.S. citizens and nationals. Specifically, the 15% tax does not apply to transfers where the sender is a verified United States sender and the provider is a qualified remittance transfer provider . A qualified provider is one that has an agreement with the Secretary to verify the U.S. citizenship or nationality of senders. For U.S. citizens and nationals who do pay the excise tax, the bill establishes a new refundable income tax credit. To claim this credit, individuals must include their Social Security Number on their tax return and provide substantiation that the tax was paid and that they provided necessary information to the remittance transfer provider. The legislation also mandates new reporting requirements for remittance transfer providers. These providers must report details on exempt transfers, transfers where senders intend to claim the credit, and aggregate data for other transfers. The amendments made by this Act are slated to apply to transfers made after December 31, 2025.