Tax Relief from Tariffs and High Costs Act

HR 2802, the Tax Relief from Tariffs and High Costs Act, creates a refundable tax credit for individual income tax filers in 2025. It provides a credit equal to 10% of an individual's federal income tax liability for 2025, directly affecting taxpayers who file returns for that year. The credit is limited to individuals with modified adjusted gross income below $100,000 (or $200,000 for joint filers). This credit applies to taxable years beginning after December 31, 2024, and before January 1, 2026.