Recovery of Stolen Checks Act in plain language
1: Short title
This section states that the Act may be referred to by the short title, the Recovery of Stolen Checks Act.
Show official text
1. Short title This Act may be cited as the Recovery of Stolen Checks Act .
2: Election to receive certain replacement refunds electronically
This section would amend section 6402 of the Internal Revenue Code of 1986 by adding a new subsection that lets certain taxpayers get a replacement tax refund by direct deposit. Under the new rule, if a taxpayer would otherwise be eligible to receive a paper check as a replacement for a paper check that the Secretary of the Treasury had previously sent as a tax refund and that was lost or stolen, the taxpayer could instead elect to receive that replacement amount by direct deposit rather than getting another paper check. The section would require the Secretary of the Treasury to issue regulations setting up the procedures for making this election no later than 6 months after the date this Act is enacted. The amendment would take effect on the date this Act is enacted.
Show official text
2. Election to receive certain replacement refunds electronically (a) In general Section 6402 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (o) Election To receive certain replacement refunds by direct deposit Not later than the date which is 6 months after the date of the enactment of this subsection, the Secretary shall prescribe regulations to establish procedures to allow for taxpayers, which are otherwise eligible to receive an amount by paper check in replacement of a lost or stolen paper check which was previously sent by the Secretary as a refund of an overpayment of tax, to elect to receive such amount by direct deposit in lieu of receiving such replacement paper check. . (b) Effective date The amendment made by this subsection shall take effect on the date of the enactment of this Act.