Sponsors (43)
Introduced February 20, 2026 by Steven Horsford · Last progress February 20, 2026
The bill quickly and automatically returns IEEPA duties to importers—providing financial relief and reducing paperwork for businesses—but does so at the cost of reduced federal revenue and potential strains on CBP operations and the use of duties as a foreign-policy tool.
Importers (including small businesses and financial institutions) will receive refunds of IEEPA-imposed tariffs collected on or after Jan 1, 2025, restoring paid import costs and improving cash flow for affected firms.
Small businesses and other importers will get automatic refunds processed within 90 days without needing to file protests or applications, reducing administrative burden and delay.
Businesses gain clearer legal authority and predictability because the bill overrides conflicting statutes to ensure timely refunds, which helps pricing, accounting, and financial planning.
Taxpayers and the federal budget could be affected because refunds will reduce customs revenue, potentially increasing the deficit or requiring offsets/cuts elsewhere.
U.S. Customs and Border Protection may be strained by the 90-day refund processing deadline, diverting staff from enforcement and border-security duties and potentially weakening operations.
Automatic refunds could undermine the use of IEEPA duties as a foreign-policy or sanctions tool, complicating sanctions implementation and reducing leverage in some national-security scenarios.
Based on analysis of 2 sections of legislative text.
Requires CBP to liquidate/reliquidate entries with IEEPA-imposed duties collected on/after Jan 1, 2025 and refund those amounts to importers within 90 days using CBP records.
Requires U.S. Customs and Border Protection (CBP) to liquidate or reliquidate import entries for which tariffs or other duties were collected under the International Emergency Economic Powers Act (IEEPA) on or after January 1, 2025, and to refund those amounts to the importer of record. CBP must complete refunds within 90 days of enactment using existing agency records, without requiring importers to file applications or protests, and treats warehouse withdrawals for consumption as entries for this purpose.