Establishes an individual tariff refund credit and an excise tax on certain tariff refunds.

The bill amends the Internal Revenue Code to establish an individual tariff refund credit for eligible individuals. It defines "eligible individual" and specifies that the credit is treated as allowed by subpart C of part IV of subchapter A of chapter 1. The bill also imposes an excise tax on certain tariff refunds for covered taxpayers. It defines "covered taxpayer" and "non-qualifying tariff refund" and provides exceptions for costs not passed on to consumers. The bill includes provisions for payments to U.S. possessions with mirror code tax systems and other possessions.

Establishes an individual tariff refund credit and an excise tax on certain tariff refunds.

The bill amends the Internal Revenue Code to establish an individual tariff refund credit for eligible individuals. It defines "eligible individual" and specifies that the credit is treated as allowed by subpart C of part IV of subchapter A of chapter 1. The bill also imposes an excise tax on certain tariff refunds for covered taxpayers. It defines "covered taxpayer" and "non-qualifying tariff refund" and provides exceptions for costs not passed on to consumers. The bill includes provisions for payments to U.S. possessions with mirror code tax systems and other possessions.