To amend the Internal Revenue Code of 1986 to establish the individual tariff refund credit.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill establishes the ‘Individual Tariff Refund Credit,’ designed to reimburse individuals who paid tariffs on imported goods. It provides a credit equal to the ‘applicable tariff refund amount,’ which is calculated based on the individual’s household size and the amount of tariff revenues ordered to be repaid by the federal government due to unlawfully imposed tariffs. The credit is treated similarly to other tax credits and is subject to certain eligibility requirements and limitations, including a focus on court-ordered refunds and a potential excise tax on tariff refunds received by certain businesses.
Key provisions
- Creates the ‘Individual Tariff Refund Credit’ for eligible individuals.
- The credit amount is based on the individual’s household size and the amount of tariff refunds ordered by a court.
- Eligibility is limited to individuals not classified as nonresident aliens, those with specific deductions, estates, or trusts.
- A 100% excise tax is imposed on ‘non-qualifying tariff refunds’ received by corporations that don’t meet certain gross receipts thresholds.
- An exception to the excise tax exists if the taxpayer can demonstrate that price increases due to tariffs did not exceed 50%.
Who is affected
- Individuals
- Corporations
- The Internal Revenue Service
- Taxpayers
- Possessions of the United States
Notable changes
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3 on record
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