H.R.7636

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, allowing a credit against tax for the covered taxable year. It also imposes an excise tax on certain tariff refunds received by covered taxpayers. The bill defines terms such as "covered court order," "covered taxpayer," and "mirror code tax system." It specifies that no interest shall be allowed on overpayments and that payments will be made as rapidly as possible. The amendments apply to taxable years beginning after December 31, 2024.