Modification of excise tax on remittance transfers

(a) Excise tax increased Section 4475(a) of the Internal Revenue Code of 1986 is amended by striking 1 percent and inserting 25 percent. (b) Removal of limitations on excise tax Section 4475 of such Code is amended by striking subsections (c) through (e), by redesignating subsection (f) as subsection (d), and by inserting after subsection (b) the following new subsection: (c) Definitions For purposes of this section, the terms remittance transfer, remittance transfer provider, and sender shall each have the respective meanings given such terms by section 919(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o–1(g)).. (c) Technical amendment Section 4475(b)(2) of such Code is amended by striking the comma at the end and inserting a period. (d) Effective date The amendments made by this section shall take effect as if included in section 70604 of Public Law 119–21. (e) Excise tax used for deficit reduction Amounts received under section 4475(a) of the Internal Revenue Code of 1986 (as amended by this section) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction.