This bill aims to modernize the process for taxpayers receiving replacement tax refunds, specifically addressing situations where an original paper refund check issued by the Internal Revenue Service (IRS) has been lost or stolen . It allows taxpayers to elect to receive these replacement funds through direct deposit instead of another paper check. To implement this, the bill mandates that the Secretary of the Treasury, through the IRS, must prescribe regulations within six months of the bill's enactment. These regulations will establish the necessary procedures for taxpayers to exercise this electronic payment option. The amendment to the Internal Revenue Code takes effect immediately upon the bill's enactment.