Payback Act

This bill would direct the Treasury Department to refund American consumers for higher costs caused by tariffs imposed under the International Emergency Economic Powers Act that were later found to lack approval from Congress. Within 120 days, the Treasury Secretary would have to create and publish a formula to estimate how much of those tariff costs were passed on to consumers, with adjustments based on household income and location. Refunds would be paid automatically where possible through existing Treasury and IRS systems, such as direct deposit or refundable tax credits, and people not reached that way could apply through a simple process. The Secretary would report to Congress within 180 days, and the Government Accountability Office would review how the refunds are carried out.

Full text and official record on Congress.gov

Sponsors

• Jasmine Crockett Democrat sponsor
• 0 cosponsors