Title: Tariff Tax Credit Act of 2019
Policy area: Taxation

Summary:
This bill allows a new refundable tax credit for the return to taxpayers of  revenue raised from duties imposed on goods imported from China in preceding calendar years.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2697 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2697

 To amend the Internal Revenue Code of 1986 to establish a refundable 
   tax credit to return revenue raised from tariffs against Chinese 
                    imports to the American people.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 24, 2019

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to establish a refundable 
   tax credit to return revenue raised from tariffs against Chinese 
                    imports 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 Tax Credit Act of 2019''.

SEC. 2. REFUNDABLE TARIFF REBATE CREDIT.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of subtitle A of the Internal Revenue Code of 1986 is amended by 
inserting after section 36B the following new section:

``SEC. 36C. TARIFF REBATE CREDIT.

    ``(a) In General.--In the case of an eligible individual, there 
shall be allowed as a credit against the tax imposed by this subtitle 
for the taxable year an amount equal to the applicable amount for such 
taxable year.
    ``(b) Eligible Individual.--
            ``(1) In general.--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 
        filed a Federal income tax return not later than October 15 of 
        the succeeding calendar year.
            ``(2) Exception.--The term `eligible individual' shall not 
        include, with respect to any taxable 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.
    ``(c) Applicable Amount.--
            ``(1) Determination.--Not later than March 1, 2020, and 
        every 12 months thereafter, the Secretary shall--
                    ``(A) determine the total amount collected pursuant 
                to duties imposed on goods imported from the People's 
                Republic of China under section 301 of the Trade Act of 
                1974 (19 U.S.C. 2411) during the preceding calendar 
                year, and
                    ``(B) estimate the number of eligible individuals 
                that will file a Federal income tax return for the 
                taxable year ending with or within the calendar year 
                described in subparagraph (A).
            ``(2) Calculation.--
                    ``(A) In general.--For purposes of this section, 
                the applicable amount for each taxable year shall be an 
                amount equal to the quotient obtained by dividing--
                            ``(i) the amount described in paragraph 
                        (1)(A) for the calendar year in which such 
                        taxable year ends, by
                            ``(ii) the amount described in paragraph 
                        (1)(B) for such taxable year.
                    ``(B) Rounding.--Any amount determined under 
                subparagraph (A) shall be rounded down to the next 
                whole dollar amount.
            ``(3) Special rule.--In the case of any taxable year 
        beginning after December 31, 2018, and ending before January 1, 
        2020, the amount under paragraph (2)(A)(i) shall be equal to 
        the sum of the amounts determined under paragraph (1)(A) for 
        calendar years 2018 and 2019.''.
    (b) Conforming Amendments.--
            (1) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of subtitle A of the Internal Revenue 
        Code of 1986 is amended by inserting after the item relating to 
        section 36B the following:

``Sec. 36C. Tariff rebate credit.''.
            (2) Section 6211(b)(4)(A) of such Code is amended by 
        striking ``and 36B, 168(k)(4)'' and inserting ``36B, and 36C''.
            (3) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting ``36C,'' after ``36B,''.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to administer section 36C of 
the Internal Revenue Code of 1986 (as added by subsection (a)).
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2018.
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