Establishment of consumer refund formula

(a) Not later than 120 days after enactment of this Act, the Secretary of the Treasury shall develop and publish a formula to calculate refunds to American consumers for amounts paid that were attributable to covered tariffs. (b) The refund formula shall— (1) quantify total consumer cost increases tied to covered tariffs using data from U.S. Customs and Border Protection, the Bureau of Economic Analysis, and other relevant Federal datasets; (2) estimate pass-through effects from importers, distributors, and retailers to end consumers; and (3) incorporate equitable adjustments based on household income and geographic disparities. (c) Consultation In developing the formula, the Secretary shall consult with the Bureau of Economic Analysis, the Internal Revenue Service, the Federal Reserve Board, and independent economists with expertise in trade policy and consumer pricing.