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119-hr-2898119th CongressWALLET

EITC Lookback Act

Sponsored By: Representative Sykes, Emilia Strong [D-OH-13]

Introduced

Summary

Creates a permanent EITC 'lookback' allowing taxpayers to use prior-year earned income when current income drops. The bill would add a new subsection to Section 32 so a taxpayer may elect to substitute the prior-year earned income into the existing Earned Income Tax Credit formula when current earned income is lower. That election would apply to taxable years beginning after December 31, 2024 and would use the current EITC earned-income variables.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Use last year's income for EITC

This bill would let you choose a lookback for the Earned Income Tax Credit (EITC). If your earned income this year is lower than last year, you could elect a lookback. You would use last year's earned income to figure your EITC. This could raise your credit if you qualify. It would apply to tax years beginning after December 31, 2024, with no set end date in the text.

Sponsors & CoSponsors

Sponsor

Sykes, Emilia Strong [D-OH-13]

OH • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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