[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3516 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 3516
To impose a fee on certain remittance transfers to fund border
security.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 14, 2023
Mr. Vance introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To impose a fee on certain remittance transfers to fund border
security.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. REMITTANCE TRANSFER FEE.
(a) In General.--Section 920 of the Electronic Fund Transfer Act
(relating to remittance transfers) (15 U.S.C. 1693o-1) is amended--
(1) by redesignating subsection (g) as subsection (h);
(2) by inserting after subsection (f) the following:
``(g) Remittance Transfer Fee.--
``(1) In general.--If the designated recipient of a
remittance transfer is located outside of the United States, a
remittance transfer provider shall collect from the sender of
such remittance transfer a remittance transfer fee equal to 10
percent of the United States dollar amount to be transferred.
``(2) Transfer of funds.--Not later than 90 days after the
date of the enactment of this subsection, the Secretary of the
Treasury, in consultation with the Bureau and remittance
transfer providers, shall develop and make available a system
for remittance transfer providers to submit the remittance
transfer fees collected in accordance with paragraph (1) to the
Secretary for transfer to the Border Enforcement Trust Fund in
accordance with section 3344(b) of title 31, United States
Code.
``(3) Penalties.--
``(A) In general.--Whoever, with the intent to
evade a remittance transfer fee to be collected in
accordance with this subsection, and who has knowledge
that, at the time of such remittance transfer, the
value of the funds involved in the transfer will be
further transferred to a recipient located outside of
the United States, requests or facilitates such
remittance transfer to a recipient located outside of
the United States--
``(i) shall be subject to a penalty of not
more than the greater of--
``(I) $500,000; or
``(II) twice the value of the funds
involved in such remittance transfer;
``(ii) imprisonment for not more than 20
years; or
``(iii) both penalties set forth in clauses
(i) and (ii).
``(B) Aiding or harboring an individual conspiring
to avoid the fee.--Any foreign country that, in the
joint determination of the Secretary of Homeland
Security, the Secretary of the Treasury, and the
Secretary of State, aids or harbors an individual
conspiring to avoid the fee collected in accordance
with this subsection shall be ineligible, in the
discretion of the Secretaries described in this
subparagraph--
``(i) to receive United States foreign
assistance; or
``(ii) to participate in the visa waiver
program under section 217 of the Immigration
and Nationality Act (8 U.S.C. 1187) or any
other immigration program.''; and
(3) in subsection (h)(2), as redesignated--
(A) in subparagraph (A), by striking ``and'' at the
end;
(B) in subparagraph (B), by adding ``and'' at the
end; and
(C) by adding at the end the following:
``(C) for purposes of applying the fee required
under subsection (g)(1), does not include payments for
valuable consideration.''.
(b) Refundable Income Tax Credit Allowed to Citizens of the United
States for Remittance Transfer Fees.--
(1) In general.--Subpart C of part IV of subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by
adding at the end the following:
``SEC. 36C. REMITTANCE TRANSFER FEES OF UNITED STATES CITIZENS.
``In the case of any individual who is a citizen of the United
States, there shall be allowed as a credit against the tax imposed by
this subtitle for any taxable year an amount equal to the aggregate
amount of remittance transfer fees paid by such individual under
section 920(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o-
1(g)) during such taxable year.''.
(2) Conforming amendments.--
(A) Section 6211(b)(4)(A) of the Internal Revenue
Code of 1986 is amended by inserting ``36C,'' after
``36B,''.
(B) Section 1324(b)(2_ of title 31, United States
Code, is amended by inserting ``36C,'' after ``36B,''.
(C) The table of sections for subpart C of part IV
of subchapter A of chapter 1 of the Internal Revenue
Code of 1986 is amended by inserting after the item
relating to section 36B the following new item:
``Sec. 36C. Remittance transfer fees of United States citizens.''.
(3) Effective date.--The amendments made by this subsection
shall apply to taxable years ending after the date of the
enactment of this Act.
(c) Report Regarding Amount of Remittance Transfers to Each Foreign
Country.--The Commissioner of U.S. Customs and Border Protection shall
submit an annual report to the Committee on Banking, Housing, and Urban
Affairs of the Senate, the Committee on Homeland Security and
Governmental Affairs of the Senate, the Committee on Financial Services
of the House of Representatives, and the Committee on Homeland Security
of the House of Representatives that describes the aggregate amount of
remittance transfers made to each foreign country during the year to
which such report relates.
SEC. 2. BORDER ENFORCEMENT TRUST FUND.
(a) Establishment.--Subchapter III of chapter 33 of title 31,
United States Code, is amended by adding at the end the following:
``Sec. 3344. Border Enforcement Trust Fund.
``(a) Establishment of Trust Fund.--Not later than 60 days after
the date of the enactment of this section, the Secretary of the
Treasury shall establish an account in the Treasury of the United
States, which shall be known as the `Border Enforcement Trust Fund'
(referred to in this section as the `Trust Fund').
``(b) Transfers to Trust Fund.--
``(1) In general.--There shall be deposited into the Trust
Fund, from amounts collected as remittance transfer fees under
section 920(g) of the Electronic Fund Transfer Act (15 U.S.C.
1693o-1(g)), an amount equal to the difference between--
``(A) the amount of such remittance transfer fees
collected after the establishment of the Trust Fund;
and
``(B) the amount of credits allowed under section
36C of the Internal Revenue Code of 1986 with respect
to such remittance transfer fees.
``(2) Timing and estimates.--Amounts described in paragraph
(1) shall be deposited into the Trust Fund by the Secretary of
the Treasury at least monthly from the general fund of the
Treasury on the basis of estimates made by the Secretary of the
Treasury. Proper adjustments shall be made in amounts
subsequently transferred to the extent prior estimates were in
excess of, or less than, the amounts required to be deposited
pursuant to this subsection.
``(c) Expenditures From Trust Fund.--Amounts in the Trust Fund may
only be used, consistent with appropriation Acts--
``(1) to employ and train additional U.S. Border Patrol
agents;
``(2) to employ and train officers and support staff
employed in enforcement and removal operations of U.S.
Immigration and Customs Enforcement;
``(3) to plan, design, construct, improve, or maintain
barriers along the international border between the United
States and Mexico; and
``(4) to plan, design, construct, improve, or maintain
detention facilities for aliens residing in the United States
without lawful immigration status.''.
(b) Clerical Amendment.--The chapter analysis for chapter 33 of
title 31, United States Code, is amended by inserting at the end the
following:
``3344. Border Enforcement Trust Fund.''.
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