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