US HB7636

Creates a new Individual Tariff Refund Credit allowing eligible individuals to receive tax credits when a court orders the Federal Government to repay tariff revenues collected from unlawfully imposed tariffs enacted after January 20, 2025

Credit amount equals an individual tariff refund amount multiplied by household size (1 or 2 for joint filers, plus dependents), with the per-person amount calculated by dividing total covered tariff revenues by the aggregate number of individuals in eligible households

Excludes nonresident aliens, dependents claimed on another taxpayer's return, and estates or trusts from eligibility; provides for advance payments to be distributed as rapidly as possible with notice sent within 15 days

Imposes a 100% excise tax on "non-qualifying tariff refunds" received by large corporations with gross receipts exceeding $1 billion, unless the company demonstrates price increases did not exceed 50% of tariff costs on products or inputs

Extends comparable payments to U.S. territories, with administrative expense reimbursements capped at $500,000 per territory ($10 million for Puerto Rico)