This bill proposes to amend the Internal Revenue Code of 1986 by establishing a new mechanism to treat certain tariff revenues as an overpayment of tax for eligible individuals. The core purpose is to provide a direct financial rebate to taxpayers, effectively returning a portion of tariff collections to alleviate financial burdens. This rebate would apply to the most recent taxable year beginning after December 31, 2024, and ending before the bill's enactment. Under the bill, eligible individuals would receive a payment against their tax liability, with the amount varying by filing status: $1,700 for joint filers , $1,275 for heads of household , and $850 for other individuals . To qualify, an individual must be a U.S. citizen, not incarcerated for a crime, and meet specific adjusted gross income (AGI) thresholds, such as not exceeding $400,000 for joint filers. Dependents of other taxpayers and estates or trusts are explicitly excluded, and the Secretary of the Treasury is directed to issue these refunds rapidly, preventing payments to deceased individuals, and establishing regulations for proper implementation.