US SB2475

Creates a refundable tax credit funded by tariff revenues collected on foreign imports imposed after January 20, 2025, with a minimum payment of $600 per individual ($1,200 for joint filers) plus $600 per qualifying child

Rebate amount may increase above $600 if total tariff proceeds divided by eligible recipients exceeds that floor, with the Treasury Secretary authorized to use revenue projections to calculate payments

Income phase-out begins at $75,000 for single filers, $112,500 for heads of household, and $150,000 for joint filers, reducing the credit by 5% of income above those thresholds

Advance payments to be issued as rapidly as possible based on 2024 or 2023 tax returns (or Social Security records for non-filers), with a deadline of December 31, 2026 for all refunds

Rebates are protected from federal offset or garnishment for other debts, and U.S. territories will receive equivalent payments to distribute to their residents