To amend the Internal Revenue Code of 1986 to establish the individual tariff refund credit.

This bill creates a federal tax credit for individuals if a final court order requires the federal government to repay tariffs that were imposed unlawfully after January 20, 2025. The total tariff money to be repaid would be divided by the number of people in eligible households. Each household would get that per-person amount times its size, counting the filer, a spouse on a joint return, and dependents. The IRS would pay the credit in advance without interest, and payments would also go to U.S. territories. The bill also places a 100 percent tax on tariff refunds received by businesses with gross receipts above $1 billion, unless the business shows its price increases were no more than 50 percent of the tariffs it paid.

Full text and official record on Congress.gov

Sponsors

• Mike Thompson Democrat sponsor
• 2 cosponsors