summary
Introduced
06/18/2019
06/18/2019
In Committee
06/20/2019
06/20/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to provide tax relief for workers and families, and for other purposes. This bill modifies provisions relating to the earned income tax credit, the child tax credit, and the child and dependent care tax credit. Among other things, it increases the earned income tax credit in 2019 and 2020 for individuals with no qualifying children, makes the child and dependent care tax credits fully refundable during the same period, increases the child tax credit for children under the age of 4, increases the exclusion from employee gross income for employer-provided dependent care assistance, and provides for payments to U.S. possessions related to such credits. The bill also eliminates the increase in unrelated business taxable income by expenses for certain fringe benefits for which a tax deduction is not allowed, including transportation and parking benefits or an on-premises athletic facility.
AI Summary
This bill, the Economic Mobility Act of 2019, modifies various tax provisions to provide relief for workers and families. The key changes include:
- Increasing the earned income tax credit (EITC) in 2019 and 2020 for individuals without qualifying children, including by lowering the minimum age and increasing the maximum age, credit percentages, and earned income thresholds.
- Making the child tax credit fully refundable for 2019 and 2020, and increasing the credit amount for children under age 4.
- Making the child and dependent care tax credit fully refundable for 2019 and 2020, and increasing the applicable percentage and dollar limits.
- Increasing the exclusion from employee income for employer-provided dependent care assistance in 2020 and 2021.
The bill also eliminates the increase in unrelated business taxable income for certain fringe benefit expenses, and provides payments to U.S. possessions related to the EITC and child tax credit.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Placed on the Union Calendar, Calendar No. 307. (on 02/04/2020)
Official Document
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bill summary
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bill summary
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bill summary
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