H.R.3300: Economic Mobility Act of 2019

The Economic Mobility Act (H.R. 3300) would create a two-year expansion of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC), as well as eliminating the increase in unrelated business taxable income (UBIT) on expenses for certain fringe benefits for nonprofit organizations.

Tittel One of the bill would lower the age threshold for the EITC from 25 to 19, while also broadening the income threshold and almost tripling the maximum benefit for unmarried, childless workers. This sectional also permanently eliminates the maximum investment income eligibility threshold (currently set at $3600) for receiving the EITC. Title Two of the bill would make the $2,000 CTC fully refundable; currently only $1,400 is refundable. Title Three of the bill would expand the threshold and maximum benefit of the child and dependent care tax credit. The bill would also permanently provide matching funds for the EITC and CTC in Puerto Rico and other U.S. Territories.

CBO projects that the total cost of the H.R. 3300 would be around $29.1 billion over ten years, though 90% of the expense is front-loaded in the first three years.

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