Tax Relief for Disaster-Affected Families: Use Prior Year Income for Credits
This bill helps families affected by major disasters by allowing them to use their income from the previous year to qualify for certain tax credits. This ensures they can still receive financial support like the Earned Income Credit and Child Tax Credit, even if their income drops due to a disaster. The goal is to prevent a drop in income from disqualifying families from crucial tax benefits.
Key points
Families in Presidentially declared disaster areas can choose to use their income from the year before the disaster for tax credit eligibility.
This applies to the Earned Income Credit and the refundable portion of the Child Tax Credit.
Status:
Introduced
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