What is the official ID of this bill?
The official print number for this legislation is S 536.
Tax Credit for Workers Earning Below Median Wage
This act introduces a new tax credit for individuals whose hourly wage is below the national median (set at $16.50 per hour). The goal is to provide financial support to lower-income workers, potentially increasing their disposable income. Advance payments of this credit may also be available throughout the year.
Key points
Individuals earning less than $16.50 per hour may qualify for a tax credit, boosting their annual income.
The credit amount is 50% of the difference between the median hourly wage and actual earnings, multiplied by hours worked (up to 40 per week, 2080 annually).
Regular, advance payments of this credit may be made during the year, providing ongoing financial assistance.
The act includes mechanisms for verifying and potentially recovering overpaid advances, with exceptions for lower-income individuals (below $50,000 for singles, $100,000 for joint filers).
The credit applies to tax years beginning after December 31, 2020, but not after December 31, 2023.
Status:
Expired
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