Payback Act
Sponsored By: Representative Crockett
Introduced
Summary
Refunds for consumers hit by tariffs that lacked congressional authorization. This bill would create a federal process to refund Americans for amounts they paid that stemmed from tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and later found to lack congressional authorization.
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- Families and seniors would be eligible for refunds tied to how much tariff costs were passed on to them. The refund formula must include equitable adjustments for household income and geographic disparities.
- Small businesses and other end consumers would get refunds based on estimated pass-through from importers, distributors, and retailers. The formula must use data from U.S. Customs and Border Protection, the Bureau of Economic Analysis, and other federal datasets to quantify consumer cost increases.
- The Secretary of the Treasury would have 120 days to publish a refund formula and must consult with the Bureau of Economic Analysis, the Internal Revenue Service, the Federal Reserve, and independent economists. Refunds would be distributed automatically through existing Treasury and IRS payment systems when possible and the Government Accountability Office would review implementation and report to Congress within one year after refunds begin.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Refunds for unauthorized tariff costs
If enacted, the bill would create refunds for American consumers who paid import duties later found to lack congressional authorization. It would define "covered tariffs" as duties imposed under the International Emergency Economic Powers Act that were later determined to lack authorization. The Treasury would have 120 days after enactment to publish a formula that uses CBP and BEA data, estimates importer and retailer pass-through to consumers, and adjusts for household income and geography. Refunds would be sent automatically when possible through Treasury and IRS systems (like direct deposit or refundable tax credits), and the Treasury would set up a simple application with minimal paperwork for people not in those systems.
Sponsors & CoSponsors
Sponsor
Crockett
TX • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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