Bill > S4093

This bill, titled the "Tariff Refunds for Working Families Act," aims to provide tax rebates to individuals by utilizing revenue generated from tariffs, specifically those deemed "unlawful" and imposed under the International Emergency Economic Powers Act. The core provision establishes a new tax credit, the "Working Families Refund," for the 2026 tax year, offering $600 per individual or $1,200 for joint filers, plus an additional $600 for each qualifying child. This credit is subject to income limitations, with higher adjusted gross income thresholds for joint filers, heads of household, and single individuals. The bill also mandates advance refunds or credits to eligible individuals for the 2025 tax year, to be disbursed as quickly as possible and no later than December 31, 2027, with provisions for electronic payments and waivers of certain payment rules to ensure timely delivery. To claim the credit, individuals must provide valid identification numbers for themselves, their spouse (with an exception for certain military families), and any qualifying children, with omissions treated as mathematical or clerical errors. The bill also includes provisions for payments to U.S. possessions with mirror code tax systems or other tax systems to ensure residents receive comparable benefits, and explicitly states that these credits and refunds cannot be reduced or offset by other debts or federal taxes. Finally, it mandates a public awareness campaign to inform individuals about the availability of these credits and rebates, particularly for those who may not have filed taxes for 2024 or 2025.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/4093/all-info