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Tax Credit Changes: EITC Available for Younger Adults.

This bill modifies the eligibility rules for the Earned Income Tax Credit (EITC), lowering the minimum age from 25 to 18. This means more young working adults will be able to claim this credit, potentially increasing their take-home pay. These changes will apply to tax years beginning after December 31, 2023.
Key points
Lowers the minimum age for EITC eligibility from 25 to 18.
More young working individuals will qualify for tax refunds or reduced tax liabilities.
Changes will be effective for tax returns starting in 2024.
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Additional Information
EITC Age Parity Act of 2023
Print number: HR 5689
Sponsor: Rep. Chu, Judy [D-CA-28]
Process start date: 2023-09-26