S. 2002 — REMIT Act

This section establishes a new 15% excise tax on remittance transfers (i.e., electronic fund transfers requested by a sender to a designated recipient through a remittance transfer provider, as defined in EFTA §920(g)), to be collected from and paid by the sender, with providers responsible for remittance to the IRS quarterly and secondary liability if uncollected. It exempts such transfers sent by verified U.S. citizens or nationals through qualified providers (i.e., those agreeing with the IRS to verify sender citizenship/nationality); for other U.S. citizens/nationals, it provides a refundable income tax credit under new IRC §36C equal to the tax paid, subject to SSN requirements and substantiation via provider certification. It also requires remittance transfer providers to report to the IRS on exempt transfers (aggregate number and value), credit-eligible transfers (sender details and tax amounts), and other transfers (aggregate tax paid and remitted).