LIFT Act

Hozzl · 2023-01-11T13:48:43Z

Explore the details of House Bill 2634 LIFT Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/11/2023, 1:48 PM

Summary of Bill HR 2634

The LIFT Act, also known as Bill 117 hr 2634, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide tax relief for middle and lower-income families by expanding tax credits and deductions.

One of the key provisions of the LIFT Act is the expansion of the Earned Income Tax Credit (EITC) for working families. This credit is designed to provide financial assistance to low and moderate-income individuals and families. The bill also proposes increasing the Child Tax Credit, which provides financial support to families with children.

Additionally, the LIFT Act aims to simplify the tax filing process for individuals and families by making it easier to claim tax credits and deductions. This includes streamlining the process for claiming the EITC and making it easier for individuals to access the benefits they are entitled to. Overall, the LIFT Act is focused on providing tax relief to middle and lower-income families in order to help them make ends meet and improve their financial stability. The bill has received bipartisan support in Congress and is currently being considered for passage.

Congressional Summary of HR 2634

Local Infrastructure Financing Tools Act or the LIFT Act

This bill allows the issuer of an American Infrastructure Bond a credit with respect to each interest payment under such bond.

The bill restores advance refundings of bonds to allow states and localities to refinance existing debt.

The bill increases to $30 million the limitation on bank-qualified debt for small municipal and nonprofit issuers.

Read the Full Bill

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Current Status of Bill HR 2634

Bill HR 2634 is currently in the status of Bill Introduced since April 16, 2021. Bill HR 2634 was introduced during Congress 117 and was introduced to the House on April 16, 2021. Bill HR 2634's most recent activity was Referred to the House Committee on Ways and Means. as of April 16, 2021