WASHINGTON--Treasury released proposed guidance on the 1% tax on remittances created by H.R. 1 Monday in the Federal Register, America's Credit Unions reported.
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, ACU noted,
Comments will be due to the Treasury by June 12.