Title: Tariff Rebate Act
Policy area: Foreign Trade and International Finance

Summary:
Tariff Rebate Act
This bill establishes the Tariff Rebate Program, through which the Department of the Treasury shall, beginning with tax year 2018, make disbursements to eligible individuals from a fund comprised of duties collected on imported items.
An eligible individual is any individual who has filed a yearly tax return no later than October 15 and whose taxable income is below a specified threshold.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2551 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2551

   To establish the Tariff Rebate Program to disburse revenues from 
                  tariffs back to the American people.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 26, 2019

  Mr. Cotton introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To establish the Tariff Rebate Program to disburse revenues from 
                  tariffs back to the American people.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tariff Rebate Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The Chinese Communist Party has exploited its trading 
        relationship with the United States at the expense of American 
        workers and industries, including industries critical to our 
        national security such as steel and aluminum.
            (2) Tariffs serve various strategic purposes for the United 
        States, but they also impose costs on Americans by raising the 
        price of consumer goods and other imports.
            (3) American families share the burden of tariffs, so they 
        should share in the revenue raised from tariffs as well.
            (4) Distributing tariff revenues as a rebate to taxpayers 
        will help Americans stand united as we use trade barriers to 
        accomplish important national objectives.

SEC. 3. TARIFF REBATE PROGRAM.

    (a) In General.--Subject to subsection (e), the Secretary of the 
Treasury or the Secretary's delegate (referred to in this section as 
the ``Secretary'') shall establish and implement the Tariff Rebate 
Program to--
            (1) determine the total amount collected pursuant to duties 
        imposed under sections 201 and 301 of the Trade Act of 1974 (19 
        U.S.C. 2251 and 2411) and section 232 of the Trade Expansion 
        Act of 1962 (19 U.S.C. 1862) during 2019 and each calendar year 
        thereafter;
            (2) determine the number of eligible individuals that have 
        filed a Federal income tax return for the taxable year ending 
        with or within the applicable calendar year under paragraph 
        (1); and
            (3) disburse a payment equal to the applicable amount to 
        each such eligible individual.
    (b) Eligible Individual.--
            (1) In general.--Except as provided under subsection (e), 
        for purposes of this section, the term ``eligible individual'' 
        means an individual who, with respect to any taxable year 
        ending with or within a calendar year, has--
                    (A) filed a Federal income tax return not later 
                than October 15 of the succeeding calendar year; and
                    (B) taxable income of not greater than--
                            (i) in the case of any taxpayer filing a 
                        joint return for such taxable year, $168,400; 
                        or
                            (ii) in the case of any taxpayer not filing 
                        a joint return for such taxable year, $84,200.
            (2) Exception.--The term ``eligible individual'' shall not 
        include, with respect to any taxable year ending with or within 
        a calendar year--
                    (A) any estate or trust;
                    (B) any nonresident alien individual or any alien 
                who is not authorized for employment in the United 
                States; or
                    (C) any individual who is a dependent for whom a 
                deduction is allowable under section 151 to another 
                taxpayer for such taxable year.
            (3) Inflation adjustment.--In the case of any taxable year 
        beginning after 2019, each dollar amount referred to in 
        paragraph (1)(B) shall be increased by an amount equal to--
                    (A) such dollar amount; multiplied by
                    (B) the cost-of-living adjustment determined under 
                section (1)(f)(3) of the Internal Revenue Code of 1986 
                for the calendar year in which the taxable year begins, 
                by substituting ``2018'' for ``2016'' in subparagraph 
                (A)(ii) thereof.
    (c) Applicable Amount.--
            (1) In general.--Except as provided under subsection (e), 
        for purposes of this section, the applicable amount shall be an 
        amount equal to the quotient obtained by dividing--
                    (A) the amount described in subsection (a)(1) for 
                the applicable calendar year; by
                    (B) an amount equal to the number of eligible 
                individuals that have filed a Federal income tax return 
                for the taxable year ending with or within such 
                applicable calendar year.
            (2) Rounding.--Any amount determined under paragraph (1) 
        shall be rounded down to the next whole dollar amount.
    (d) Timing of Payment.--For purposes of subsection (a)(3), the 
Secretary shall disburse such payment as rapidly as possible following 
the determination of the applicable amount for the calendar year.
    (e) Special Rebate for Tax Year 2018.--
            (1) In general.--Not later than 90 days after the date of 
        enactment of this Act, the Secretary shall--
                    (A) determine the total amount collected pursuant 
                to duties imposed under sections 201 and 301 of the 
                Trade Act of 1974 and section 232 of the Trade 
                Expansion Act of 1962 during calendar years 2017 and 
                2018;
                    (B) determine the number of eligible individuals 
                that have filed a Federal income tax return for the 
                taxable year ending with or within calendar year 2018; 
                and
                    (C) disburse a payment equal to the applicable 
                amount to each such eligible individual.
            (2) Eligible individual.--For purposes of this subsection, 
        the term ``eligible individual'' has the same meaning given 
        such term under subsection (b), except that paragraph (1)(B) of 
        such subsection shall be applied--
                    (A) in clause (i) of such paragraph, by 
                substituting ``$165,000'' for ``$168,400''; and
                    (B) in clause (ii) of such paragraph, by 
                substituting ``$82,500'' for ``$84,200''.
            (3) Applicable amount.--
                    (A) In general.--For purposes of this subsection, 
                the applicable amount shall be an amount equal to the 
                quotient obtained by dividing--
                            (i) the amount described in paragraph 
                        (1)(A); by
                            (ii) an amount equal to the number of 
                        eligible individuals that have filed a Federal 
                        income tax return for the taxable year ending 
                        with or within calendar year 2018.
                    (B) Rounding.--Any amount determined under 
                subparagraph (A) shall be rounded down to the next 
                whole dollar amount.
    (f) Tariff Rebate Fund.--
            (1) Establishment of fund.--There is established in the 
        Treasury a fund to be known as the ``Tariff Rebate Fund'', 
        consisting of such amounts as may be transferred to the fund 
        pursuant to paragraph (2), to remain available until expended.
            (2) Transfers to fund.--The Secretary shall transfer to the 
        Tariff Rebate Fund from the general fund of the Treasury an 
        amount equivalent to the amount of duties collected after 
        December 31, 2016, and imposed pursuant to sections 201 and 301 
        of the Trade Act of 1974 and section 232 of the Trade Expansion 
        Act of 1962.
            (3) Availability of funds.--Amounts in the Tariff Rebate 
        Fund shall be available to the Secretary, without further 
        appropriation, to carry out the Tariff Rebate Program 
        (including any provisions under subsection (e)).
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