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Faster Tax Refunds for Child and Low-Income Credits.

New rules aim to speed up tax refunds for individuals claiming child tax credits or low-income credits. Instead of a fixed date, refunds can be issued earlier once the tax authority completes data verification. This means taxpayers could receive their overpayment money sooner than before.
Key points
Accelerates tax refunds for taxpayers claiming child credits (Section 24) or earned income credits (Section 32).
Refunds can be issued earlier: either after the IRS completes data matching, or by the 15th day of the second month following the close of the tax year, whichever comes first.
The changes apply to credits and refunds made after the law's enactment date.
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Additional Information
Print number: 117_HR_6460
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2022-01-20