Bill > HR2800

This bill aims to significantly enhance the Earned Income Tax Credit (EITC), a tax benefit designed to support low to moderate-income working individuals and families. Specifically, the bill proposes to increase the income amounts that qualify for the EITC and the phaseout ranges, which determine how much credit a taxpayer can receive. For single filers, the bill raises the qualifying income thresholds from $6,330 to $13,629, and from $8,890 to $19,140, while also increasing the maximum credit amount from $4,220 to $9,086. For married couples filing jointly, the bill increases the phaseout threshold from $5,000 to $7,612. Additionally, the bill updates the inflation adjustment provisions, extending the reference years from 2015 to 2026 and from 1995 and 2008 to 2025. These changes are set to take effect for taxable years beginning after December 31, 2025, with the goal of providing more substantial financial support to working-class Americans by allowing them to keep more of their earned income through an expanded tax credit.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2800/all-info