S.527: Cost-of-Living Refund Act of 2019
The Cost-of-Living Refund Act (S.527) would dramatically increase the size of the EITC and increase the number of tax filers eligible for the credit. The main provisions of the bill are as follows:
1) Increases the phase-in rate, and the size of the Earned Income Tax Credit for filers with children, roughly doubling the credit for these filers.
2) The maximum EITC for filers with children would increase from between $3,526 and $6,557 to $6,770 and $12,588, depending on family size.
3) The eligibility age for childless filers would decline from 25 to 21, and eligibility would expand to qualified students.
4 ) Qualified dependents for the purposes of the EITC would be expanded to include parents and other relatives.
5) Taxpayers would be allowed to receive an advance up to $500 per year of their EITC refund.
H.R. 1431 is the companion bill in the House introduced by Rep. Ro KhannaView Full Overview