Bill 119 HR 2338, also known as the Earned Income Tax Credit (EITC) Expansion and Improvement Act, aims to make changes to the Internal Revenue Code of 1986 in order to enhance and broaden the benefits of the earned income tax credit for eligible individuals and families.
The earned income tax credit is a refundable tax credit for low to moderate-income working individuals and families. This bill seeks to increase the maximum credit amount for both single filers and joint filers, as well as adjust the income thresholds for eligibility. Additionally, the bill proposes to expand the age range of eligible individuals to include those who are 19 years old or older, as well as individuals without qualifying children.
Furthermore, the bill includes provisions to simplify the application process for the earned income tax credit, making it easier for eligible individuals to claim the credit. It also aims to increase awareness and outreach efforts to ensure that more individuals who qualify for the credit are able to take advantage of it.
Overall, the Earned Income Tax Credit Expansion and Improvement Act seeks to provide additional financial support to low to moderate-income individuals and families, helping to alleviate financial burdens and promote economic stability.