The main purpose of this legislation is to modernize the way taxpayers can receive certain replacement refunds from the Internal Revenue Service (IRS). Specifically, it allows taxpayers who have lost or had their refund checks stolen to choose to receive their replacement refunds electronically through direct deposit instead of waiting for a paper check to be mailed. Key provisions of the legislation include a requirement for the IRS to create regulations that will enable eligible taxpayers to opt for electronic direct deposit for their replacement refunds.