An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Tariff

A tax placed by a government on imported goods and services from other countries.

Duties

Another word for tariffs or taxes on goods, especially those imported into a country.

Congressional Authorization

Formal approval or permission from the U.S. Congress, required for certain government actions, including imposing tariffs.

International Emergency Economic Powers Act (IEEPA)

A U.S. law that grants the President the authority to regulate international commerce after declaring a national emergency in response to an unusual and extraordinary threat to the United States.

Adjusted Gross Income (AGI)

A measure of income used for tax purposes, calculated by taking your gross income and subtracting certain deductions, like student loan interest or health savings account contributions.

Qualified Child

A child who meets specific criteria defined by the IRS, such as age, residency, and financial support, to allow a taxpayer to claim certain tax benefits.

Pro rata basis

To distribute or allocate something proportionally, meaning each share is adjusted in size relative to others.