S.Amdt. 5528

SA 5528, submitted by Mr. Bennet, aims to replace section 202 of the bill to create gasoline price rebates. The purpose is to provide a refundable tax credit to eligible individuals for the taxable year starting after December 31, 2025.

The amendment adds the following key elements:

• Credit Amount: The credit is based on a total of $31,075,000,000 divided by the number of eligible individuals. Joint returns receive 150 percent of the standard amount.
• Eligibility: To be eligible, an individual cannot be a nonresident alien, an estate, a trust, or a dependent of another taxpayer.
• Income Limits: The credit is reduced by 5 percent of adjusted gross income that exceeds:
  • $150,000 for joint returns.
  • $112,500 for head of household.
  • $75,000 for all other cases.
• Requirements: Taxpayers must provide a valid social security number. There are special rules for members of the armed forces and provisions for the Secretary to conduct an outreach program to help taxpayers claim the credit.
• US Possessions: The amendment includes payments to US possessions with or without mirror code tax systems to ensure residents receive benefits and possessions are reimbursed for administrative expenses.