Treasury proposes guidance on 1% remittance tax

The Treasury released proposed guidance on the 1% tax on remittances created by H.R. 1 today in the Federal Register. The proposal provides rules and definitions related to the excise tax imposed on certain remittance transfers that occur after Dec. 31, 2025.

The proposed regulations would affect certain remittance transfer providers and certain individuals sending remittance transfers.

Comments will be due to the Treasury by June 12.

Read the proposed rule