S.Amdt. 4635

SA 4635 aims to add a "Working Families Refund" to bill S. 1383. Its purpose is to provide immediate tax rebates to working people using money collected from tariffs on foreign imports that the amendment describes as unlawful, including those imposed under the International Emergency Economic Powers Act.

The amendment proposes to add the following:

• Tax Credits: For the first taxable year starting in 2026, eligible individuals can receive a credit of $600 (or $1,200 for joint returns), plus an additional $600 for each qualifying child.
• Income Limits: The credit is not available to those with adjusted gross incomes exceeding:
  • $180,000 for joint returns.
  • $120,000 for head of household.
  • $90,000 for other taxpayers.
• Advance Payments: The amendment allows for advance refunds and credits for eligible individuals for the first taxable year beginning in 2025.
• Payment Details: Payments can be delivered electronically or by check. The Secretary is directed to issue these as rapidly as possible and before 40 days after the section is enacted.
• Special Provisions:
  • It includes rules for payments to U.S. possessions, such as Puerto Rico and the Northern Mariana Islands.
  • It prevents the refunds from being reduced or offset by other federal taxes or debts.
  • It requires a public awareness campaign to inform people about the credit.
  • It prohibits any reference to the Executive Office of the President, Donald J. Trump, or his administration in notices or the public awareness campaign.