summary
Introduced
03/19/2020
03/19/2020
In Committee
03/19/2020
03/19/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to provide COVID-19 related assistance through a special earned income rule for purposes of the refundable child and earned income credits for taxable year 2020. This bill sets forth a special rule for determining the amount of the earned income tax credit and the refundable portion of the child tax credit. Specifically, the bill allows a taxpayer to use the earned income of the preceding taxable year in computing such credits if such income is greater than the income for the current taxable year (i..e., 2020).
AI Summary
This bill, the COVID-19 Earned Income Act, provides COVID-19 related assistance through a special earned income rule for the purposes of the refundable child tax credit and earned income tax credit (EITC) for the 2020 tax year. Specifically, the bill allows taxpayers to use their earned income from the previous tax year (2019) to calculate these credits if their 2020 earned income is lower, in order to help offset the financial impact of the COVID-19 pandemic.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 03/19/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3542/all-info |
| BillText | https://www.congress.gov/116/bills/s3542/BILLS-116s3542is.pdf |
| Bill | https://www.congress.gov/116/bills/s3542/BILLS-116s3542is.pdf.pdf |
Loading...