HR 3590 116th Congress House Taxation Government information and archives Income tax credits Inflation and prices Poverty and welfare assistance Social work, volunteer service, charitable organizations Tax administration and collection, taxpayers

Building Our Opportunities to Survive and Thrive Act of 2019

Introduced: June 27, 2019 Introduced by: Tlaib, Rashida Democratic · Michigan See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 27, 2019

Referred to the House Committee on Ways and Means.

Jun 27, 2019

Introduced in House

Plain-English summary Congressional Research Service

Building Our Opportunities to Survive and Thrive Act of 2019

This bill 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.

What's happening now June 27, 2019

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1