Bill > S2203

This bill, the Earned Income Tax Credit and Child Tax Credit Equity for Puerto Rico Act of 2015, aims to provide tax fairness for residents of Puerto Rico by making them eligible for the federal Earned Income Tax Credit (EITC), a tax credit for low-to-moderate income working individuals and families, and by ensuring they can claim the refundable portion of the Child Tax Credit, which is a tax credit for qualifying children, on the same basis as taxpayers living in U.S. states. Specifically, it amends the Internal Revenue Code to treat Puerto Rico as part of the United States for certain EITC provisions, excluding specific rules for non-resident aliens who are residents of Puerto Rico, and to adjust how income is calculated for EITC purposes. It also modifies the Child Tax Credit rules to prevent it from being reduced due to EITC provisions for Puerto Rico residents and ensures equitable treatment for the refundable portion of this credit, with these changes taking effect for taxable years beginning after December 31, 2015.