US HB3590 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 14-0)
Status: Introduced on June 27 2019 - 25% progression, died in committee
Action: 2019-06-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Creates a new refundable tax credit of $3,000 for individual taxpayers subject to an income-based phaseout and an inflation adjustment to the credit amount after 2019. It also provides for advance payments of credit amounts to taxpayers on a monthly basis and allows a disregard of credit amounts for purposes of determining eligibility for federal or state assistance programs. The bill directs the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide tax return preparation assistance to low-income taxpayers. The bill expresses the sense of the House of Representatives that the cost of this bill should be fully offset by (1) the repeal of the Tax Cuts and Jobs Act (except for provisions of that Act that provide relief to taxpayers with annual incomes of less than $100,000), and (2) a fee on financial institutions with consolidated assets of more than $50 billion.

Tracking Information

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Title

Building Our Opportunities to Survive and Thrive Act of 2019

Sponsors


History

DateChamberAction
2019-06-27HouseReferred to the House Committee on Ways and Means.
2019-06-27HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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