Expanding Earned Income Tax Credit for Workers and Students
This act aims to expand the Earned Income Tax Credit (EITC), including students and caregivers. It introduces the option of receiving monthly advance payments of the credit, which could improve the financial liquidity of many households. The changes are designed to facilitate access to financial support and simplify the process of obtaining it.
Key points
Students can now qualify for the EITC, which was previously not possible.
Individuals caring for sick or elderly family members can also benefit from the credit, treating caregiving as earned income.
The option to receive monthly advance payments of the credit has been introduced, instead of a single payment after filing taxes.
The income thresholds and credit amounts have been increased, meaning more financial support.
The IRS will offer consultations and an online portal to help citizens understand and utilize the new rules.
Expired
Additional Information
Print number: 118_HR_1468
Sponsor: Rep. Moore, Gwen [D-WI-4]
Process start date: 2023-03-08