This bill would impose a 10 percent fee on remittance transfers sent to recipients outside the United States, with the revenue directed to fund border security operations. The fee would apply to any money transfer to a foreign country and would be collected by remittance transfer providers, such as money transfer services and banks that facilitate international payments. To offset the impact on U.S. citizens, the bill would allow American citizens to claim a tax credit for remittance fees they pay, effectively making the fee apply mainly to non-citizens or those sending money internationally. The revenue collected would be deposited into a newly created Border Enforcement Trust Fund, which could only be used to hire and train Border Patrol agents, Immigration and Customs Enforcement officers, construct or maintain border barriers, and build or maintain detention facilities. Significant penalties, including up to 20 years in prison and fines up to $500,000 or twice the transfer amount, would apply to anyone attempting to evade the fee through fraudulent transfers.
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