BOOST Act of 2021

Hozzl · 2022-12-31T05:07:42Z

Explore the details of House Bill 4367 BOOST Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/31/2022, 5:07 AM

Summary of Bill HR 4367

The BOOST Act of 2021, also known as Bill 117 hr 4367, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide financial assistance to low-income families and individuals in order to help them overcome economic challenges and improve their quality of life.

One of the key provisions of the BOOST Act is the expansion of the Earned Income Tax Credit (EITC) for low-income workers. This tax credit provides a financial boost to individuals and families who are working but still struggling to make ends meet. By expanding the EITC, the BOOST Act aims to provide additional support to those who need it most.

Additionally, the BOOST Act includes provisions to increase the Child Tax Credit (CTC) for low-income families. The CTC is a tax credit that helps families with the cost of raising children. By increasing the CTC, the BOOST Act seeks to provide additional financial assistance to families with children, helping to alleviate the financial burden of childcare and other expenses. Overall, the BOOST Act of 2021 is focused on providing targeted financial assistance to low-income families and individuals in order to help them achieve economic stability and improve their overall well-being. This legislation is currently being debated in Congress, and its ultimate impact will depend on the outcome of these discussions.

Congressional Summary of HR 4367

Better Opportunity and Outcomes for Socially Disadvantaged Talent Act of 2021 or the BOOST Act of 2021

This bill allows an exclusion from gross income, for income tax purposes, of 50% of any gain from the sale or exchange of a certified equity interest held for more than 3 years for corporations and partnerships in which a socially disadvantaged individual who is a U.S. citizen has an ownership interest.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 4367

Bill HR 4367 is currently in the status of Bill Introduced since July 6, 2021. Bill HR 4367 was introduced during Congress 117 and was introduced to the House on July 6, 2021. Bill HR 4367's most recent activity was Referred to the House Committee on Ways and Means. as of July 6, 2021

Bipartisan Support of Bill HR 4367

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 HR 4367

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 4367

To amend the Internal Revenue Code of 1986 to provide a partial exclusion from gain for interests in a socially disadvantaged business, and for other purposes.

BOOST Act of 2021

Better Opportunity and Outcomes for Socially Disadvantaged Talent Act of 2021