H.R. 8995 proposes to amend the Internal Revenue Code to modify the excise tax on remittance transfers. Specifically, it aims to increase the tax rate on certain international money transfers sent from the U.S. from 1% to 15%. The bill also introduces an exception for remittance transfers sent by U.S. citizens and nationals through certain providers, effectively exempting these individuals from the increased tax when using specified financial institutions.
Supporters of the bill argue that increasing the remittance tax will boost federal revenue, potentially raising about $10 billion over ten years. They believe it will discourage illegal immigration, improve the tracking of money flows, and make it harder for illicit funds to leave the country. Additionally, the exemption for U.S. citizens and nationals is seen as a measure to protect domestic senders from the tax burden.
Critics contend that the substantial increase in the remittance tax could lead to double taxation and impose additional bureaucratic hurdles for taxpayers and financial institutions. They warn that it may drive remittance senders to use informal channels, increasing the risk of illicit money transfers. Privacy advocates are also concerned that the requirement for senders to prove their citizenship or nationality could infringe on personal privacy and deter legitimate remittance activities.
The analysis of H.R. 8995, which seeks to modify the excise tax on remittance transfers, reveals no direct industry overlaps between the sponsor Chip Roy's top donor industries and the bill's subject matter. The lobbying activity in this area includes several undisclosed amounts from various groups, with the National Electrical Contractors Association, Inc. disclosing a significant lobbying expenditure of $600,000. However, this does not directly correlate with the remittance transfer subject matter, indicating a low likelihood of conflict. Voters should be aware that while there is substantial lobbying activity, it does not appear to influence the bill directly based on the available data.
Organizations that lobbied on issues related to this bill's policy area.
| Client | Lobbying Firm | Amount |
|---|---|---|
| NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION, INC. | NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION, INC. | $600,000 |
| BSA, THE SOFTWARE ALLIANCE | TIM YEHL, LLC | $20,000 |
| ENVISION GROUP LLC | MR. ANDREW FUTEY | undisclosed |
| GESCONTI GROUP,INC. | GESCONTI GROUP,INC. | undisclosed |
| JOHN BRIAN LEDBETTER MISSIONS CORPORATION | JOHN BRIAN LEDBETTER MISSIONS CORPORATION | undisclosed |
| KASICH COMPANY | MARKQUEST | undisclosed |
| MARKQUEST | MARKQUEST | undisclosed |
| AMERICAN FINANCIAL SERVICES ASSOCIATION | MARKQUEST | undisclosed |
| KASICH COMPANY | MARKQUEST | undisclosed |
| AMERICAN LOGISTICS ASSOCIATION | MARKQUEST | undisclosed |
| MARKQUEST | MARKQUEST | undisclosed |
| TRACKONOMY SYSTEMS, INC. | ANCHOR & ARROW LLC | undisclosed |
| HOLLY STRATEGIES INC. ON BEHALF OF 202 GROUP | ANCHOR & ARROW LLC | undisclosed |
| CITY OF ST LOUIS | BRACY TUCKER BROWN & VALANZANO DBA BROWN & ASSOCIATES | undisclosed |
| EMAD EL SAID YOUSSEF SAAD EL-GALADA THROUGH BOLT CAPITAL, LP | NEXUSONE CONSULTING | undisclosed |
Source: Senate Lobbying Disclosure Act (LDA) filings, 2026
Top industries funding Chip Roy, ranked by total contributions.
Source: OpenSecrets.org (Center for Responsive Politics)
