Search Results: keywords:"earned income tax credit"

  • S. 3716 — To create children's lifetime savings accounts, and for other purposes.
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    Status:Introduced in Senate
    Words:7,738

    S. 3716, known as the “401Kids Savings Account Act of 2024,” aims to help children in the United States start savings accounts for their future. The bill proposes creating programs to establish savings accounts for every eligible child, allowing family members and the...

    Simple Explanation

    The 401Kids Savings Account Act of 2024 is about helping kids save money for their future by having special savings accounts where family and the government can add money that grows over time, and when they're 18, they can use it for things like school or buying a house.

  • S. 3798 — To amend the Internal Revenue Code of 1986 to require taxpayers claiming the child and earned income tax credits, and their qualifying children, to have a valid social security number for employment purposes.
    Status:Introduced in Senate
    Words:736

    S. 3798 aims to change the rules in the Internal Revenue Code of 1986 so that individuals claiming the child tax credit or earned income tax credit must have a valid social security number for themselves and their children. This change would ensure that only taxpayers...

    Simple Explanation

    The bill wants to make sure that people claiming the child tax credit or earned income tax credit have a real social security number to show they are allowed to work in the U.S., starting from 2024. This means only those with the right paperwork can get these special tax benefits.

  • S. 5256 — To amend the Internal Revenue Code of 1986 to enhance the child tax credit, and for other purposes.
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    Status:Introduced in Senate
    Words:9,161

    S. 5256, titled the "Family Security Act," aims to modify the Internal Revenue Code to make the child tax credit more beneficial by increasing the credit amounts and making them fully refundable, starting in 2026. The bill also introduces a credit for pregnant mothers, starting at a...

    Simple Explanation

    The "Family Security Act" is a plan to give more money back to families with kids and moms-to-be, but it takes away some money-saving options for people who file taxes in certain ways.

  • H. R. 9361 — To amend the Internal Revenue Code of 1986 to repeal the upper age limit on eligibility for the earned income tax credit.
    Status:Introduced in House
    Words:222

    H.R. 9361 is a proposed law aimed at changing the existing laws around the earned income tax credit (EITC) in the United States. Specifically, it seeks to remove the age cap, currently set at 65, which limits who can qualify for the EITC based on age. This means that...

    Simple Explanation

    H.R. 9361 is a plan to let people older than 65 qualify for a special money help called the earned income tax credit (EITC), starting from 2025. This means more older people could get extra money if they work and earn less.

  • H. R. 10203 — To provide tax relief for damages relating to Hurricanes Helene and Milton.
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    Status:Introduced in House
    Words:4,192

    H. R. 10203, also known as the "Hurricane Helene and Milton Tax Relief Act of 2024," aims to provide specific tax relief to people affected by Hurricanes Helene and Milton. The bill allows individuals in disaster areas to calculate their earned income tax credit based on...

    Simple Explanation

    H. R. 10203 is a plan to help people who were affected by two big storms, Hurricane Helene and Hurricane Milton, by letting them pay less in taxes. It allows them to use last year's income to get more money back from taxes, give more to help others without paying extra taxes, and use their savings for emergencies without any penalties.

  • H. R. 7991 — To amend the Internal Revenue Code of 1986 to modify the social security number requirements for claiming the child tax credit and earned income tax credit.
    Status:Introduced in House
    Words:768

    H.R. 7991, the “Safeguarding American Workers’ Benefits Act,” aims to change the rules for claiming the child tax credit and earned income tax credit. It requires taxpayers to include valid Social Security numbers for themselves and their qualifying children when filing for...

    Simple Explanation

    H.R. 7991 makes sure that only people with certain valid Social Security numbers can get special money from the government for having kids or working, and these rules start after December 2024.