Repeal and Refund Act This bill amends the Internal Revenue Code to repeal: (1) the requirement that individuals maintain minimum essential health care coverage (commonly referred to as the individual mandate), and (2) the reporting requirements for health insurance coverage. The Department of the Treasury must implement a program to refund all penalties paid by taxpayers for failing to maintain minimum essential health coverage. Treasury must provide taxpayers with one payment to refund all penalties without regard to whether or not an amended tax return is filed.