summary
Introduced
06/14/2023
06/14/2023
In Committee
06/14/2023
06/14/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to expand the earned income and child tax credits, and for other purposes.
AI Summary
This bill proposes to:
1. Permanently extend the expanded earned income credit (EIC) rules for individuals without qualifying children, including by decreasing the minimum age for the credit to 19 (or 18 for qualified former foster youth and homeless youth) and eliminating the maximum age limit.
2. Increase the EIC credit and phaseout percentages from 7.65% to 15.3%, and increase the earned income and phaseout amounts.
3. Expand and make permanent the child tax credit, including increasing the credit amount to $250 ($300 for children under 6) per qualifying child per month, and extending the fully refundable credit to all taxpayers with a principal place of abode in the United States or Puerto Rico for more than half the year.
4. Establish a system for monthly advance payments of the child tax credit to eligible taxpayers.
5. Provide for the application of the earned income and child tax credits in U.S. territories.
Overall, the bill aims to expand tax relief and monthly advance payments for working families with children.
Committee Categories
Budget and Finance
Sponsors (44)
Sherrod Brown (D)*,
Tammy Baldwin (D),
Michael Bennet (D),
Richard Blumenthal (D),
Cory Booker (D),
Laphonza Butler (D),
Maria Cantwell (D),
Ben Cardin (D),
Bob Casey (D),
Chris Coons (D),
Catherine Cortez Masto (D),
Tammy Duckworth (D),
Dick Durbin (D),
Dianne Feinstein (D),
John Fetterman (D),
Kirsten Gillibrand (D),
Maggie Hassan (D),
Martin Heinrich (D),
Mazie Hirono (D),
Tim Kaine (D),
Mark Kelly (D),
Angus King (I),
Amy Klobuchar (D),
Ben Ray Luján (D),
Ed Markey (D),
Jeff Merkley (D),
Chris Murphy (D),
Patty Murray (D),
Gary Peters (D),
Jack Reed (D),
Jacky Rosen (D),
Bernie Sanders (I),
Brian Schatz (D),
Chuck Schumer (D),
Jeanne Shaheen (D),
Tina Smith (D),
Debbie Stabenow (D),
Chris Van Hollen (D),
Mark Warner (D),
Raphael Warnock (D),
Elizabeth Warren (D),
Peter Welch (D),
Sheldon Whitehouse (D),
Ron Wyden (D),
Last Action
Read twice and referred to the Committee on Finance. (on 06/14/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/1992/all-info |
| BillText | https://www.congress.gov/118/bills/s1992/BILLS-118s1992is.pdf |
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