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139 STAT. 285 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(ii) the aggregate amount of applicable employee remuneration provided by all such members with respect to such specified covered employee. ‘‘(C) SPECIFIED COVERED EMPLOYEE.—For purposes of this paragraph, the term ‘specified covered employee’ means, with respect to any controlled group— ‘‘(i) any employee described in subparagraph (A), (B), or (D) of paragraph (3), with respect to the publicly held corporation which is a member of such controlled group, and ‘‘(ii) any employee who would be described in subparagraph (C) of paragraph (3) if such subpara- graph were applied by taking into account the employees of all members of the controlled group. ‘‘(D) CONTROLLED GROUP.—For purposes of this para- graph, the term ‘controlled group’ means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 70604. EXCISE TAX ON CERTAIN REMITTANCE TRANSFERS. (a) IN GENERAL.—Chapter 36 is amended by inserting after subchapter B the following new subchapter: ‘‘Subchapter C—Remittance Transfers ‘‘Sec. 4475. Imposition of tax. ‘‘SEC. 4475. IMPOSITION OF TAX. ‘‘(a) IN GENERAL.—There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer. ‘‘(b) PAYMENT OF TAX.— ‘‘(1) IN GENERAL.—The tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer. ‘‘(2) COLLECTION OF TAX.—The remittance transfer provider with respect to any remittance transfer shall collect the amount of the tax imposed under subsection (a) with respect to such transfer from the sender and remit such tax quarterly to the Secretary at such time and in such manner as provided by the Secretary, ‘‘(3) SECONDARY LIABILITY.—Where any tax imposed by sub- section (a) is not paid at the time the transfer is made, then to the extent that such tax is not collected, such tax shall be paid by the remittance transfer provider. ‘‘(c) TAX LIMITED TO CASH AND SIMILAR INSTRUMENTS.—The tax imposed under subsection (a) shall apply only to any remittance transfer for which the sender provides cash, a money order, a cashier’s check, or any other similar physical instrument (as deter- mined by the Secretary) to the remittance transfer provider. ‘‘(d) NONAPPLICATION TO CERTAIN NONCASH REMITTANCE TRANSFERS.—Subsection (a) shall not apply to any remittance transfer for which the funds being transferred are— ‘‘(1) withdrawn from an account held in or by a financial institution— 26 USC 4475. 26 USC prec. 4471. 26 USC 162 note.