WASHINGTON, D.C. – Today, Senator Rick Scott introduced the Tariff Tax Credit Act to provide all taxpayers with a refundable tax credit beginning in FY2019. This legislation directs any money collected by the United States from tariffs on Chinese goods back to American families in the form of a tax credit. White House economic adviser Larry Kudlow has expressed support for tax cuts to offset tariffs.
Senator Rick Scott said, “We know that Communist China is not our friend. I appreciate the President’s efforts to put pressure on Communist China, but in order to support American businesses and families, we have to make sure any money collected in tariffs is returned back to taxpayers. My proposal puts Americans first and makes sure consumers are not unnecessarily burdened as the Administration works to get a deal that is fair to the America economy and American consumers.”
- Provides a refundable tax credit to all tax filers in the amount of Section 301 tariffs, which are levied primarily against Communist China for not abiding by WTO and intellectual property laws.
- Directs the IRS to provide tariff tax relief in the form of a refundable tax credit that can be claimed during the traditional tax filing process, beginning April 15, 2020.
- Using figures from the IRS, it is estimated that tax filers could receive a tax rebate from the IRS for approximately $180 or more for the 2019 tax year.