Tax Relief from Tariffs and High Costs Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2802 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2802 To amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2025. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 9, 2025 Mr. Vasquez introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide individuals a refundable credit for a portion of Federal income tax liability for 2025. 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 ``Tax Relief from Tariffs and High Costs Act''. SEC. 2. REFUNDABLE CREDIT FOR PORTION OF INDIVIDUAL FEDERAL INCOME TAX LIABILITY FOR 2025. (a) In General.--Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 36C. CREDIT FOR PORTION OF INDIVIDUAL FEDERAL INCOME TAX LIABILITY FOR 2025. ``(a) In General.--In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable beginning after December 31, 2024, and before January 1, 2026, an amount equal to 10 percent of the taxpayer's Federal income tax liability for such taxable year. ``(b) Limitation Based on Modified Adjusted Gross Income.-- Subsection (a) shall not apply to any taxpayer for any taxable year if the taxpayer's modified adjusted gross income (as defined in section 36(b)(2)(B)) exceeds $100,000 ($200,000 in the case of a joint return). ``(c) Federal Income Tax Liability.--For purposes of this section, the term `Federal income tax liability' means the excess (if any)