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COVID-19 Earned Income Act
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).
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3542
Primary Policy Focus
TaxationPotential 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
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.
Comments
Sponsors and Cosponsors of S 3542
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