US HB7646

Directs the Secretary of the Treasury to refund American consumers for increased costs resulting from tariffs imposed under the International Emergency Economic Powers Act that were determined to lack congressional authorization following the Supreme Court ruling in Learning Resources, Inc. v. Trump

Requires the Treasury Secretary to develop and publish a refund formula within 120 days that quantifies consumer cost increases using federal data, estimates pass-through effects from importers to consumers, and incorporates adjustments based on household income and geographic disparities

Mandates automatic refund distribution through existing Treasury and IRS payment systems, including direct deposit or refundable tax credits, with a streamlined application process for individuals not captured by existing systems

Requires consultation with the Bureau of Economic Analysis, IRS, Federal Reserve Board, and independent economists in developing the refund formula

Requires a report to Congress within 180 days detailing the refund formula, total anticipated obligations, and distribution timelines, with GAO review of implementation within one year after refunds commence