COVID-19 Earned Income Act

Hozzl · 2022-08-10T23:29:20Z

Explore the details of Senate Bill 3542 COVID-19 Earned Income Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

8/10/2022, 11:29 PM

Congressional Summary of S 3542

COVID-19 Earned Income Act

This bill sets forth a special rule for determining the amount of the earned income tax credit and the refundable portion of the child tax credit. Specifically, the bill allows a taxpayer to use the earned income of the preceding taxable year in computing such credits if such income is greater than the income for the current taxable year (i..e., 2020).

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Current Status of Bill S 3542

Bill S 3542 is currently in the status of Bill Introduced since March 19, 2020. Bill S 3542 was introduced during Congress 116 and was introduced to the Senate on March 19, 2020. Bill S 3542's most recent activity was Read twice and referred to the Committee on Finance. as of March 19, 2020

Bipartisan Support of Bill S 3542

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3542

Primary Policy Focus

Taxation

Potential Impact Areas

- Income tax credits

- Poverty and welfare assistance

- Tax treatment of families

- Wages and earnings

Alternate Title(s) of Bill S 3542

COVID-19 Earned Income Act

A bill to provide COVID-19 related assistance through a special earned income rule for purposes of the refundable child and earned income credits for taxable year 2020.