The purpose of this legislation is to change the excise tax on remittance transfers, which are payments sent by individuals in the United States to recipients in other countries. The main objectives are to increase government revenue through this tax and to provide some relief to U.S. citizens who make these transfers for business or travel purposes. One of the key provisions of the law is a significant increase in the excise tax rate on remittance transfers from 1 percent to 25 percent.