Establishment of refundable tax credit for excise tax paid on certain remittance transfers by citizens of the United States

(a) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Excise tax paid on certain remittance transfers by citizens of the United States (a) In general 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 tax paid by such individual under section 4475(b)(1) for business or travel purposes (as determined by the Secretary) during such taxable year. (b) Regulations The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section.. (b) Conforming amendments (1) Section 6211(b)(4)(A) of such Code is amended by inserting 36C, after 36B,. (2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting 36C, after 36B,. (3) 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. Excise tax paid on certain remittance transfers by citizens of the United States.. (c) Effective date The amendments made by this section shall apply with respect to taxable years ending after the date of the enactment of this Act.