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HR 5953 118th Congress House Taxation Income tax credits Income tax rates Inflation and prices State and local taxation Tax treatment of families

Lower Your Taxes Act

Introduced: October 12, 2023 Introduced by: Sykes, Emilia Strong Democratic · Ohio See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 25, 2023
Referred to the House Committee on Ways and Means.
Oct 12, 2023
Introduced in House
 Plain-English summary Congressional Research Service

Lower Your Taxes Act

This bill increases the earned income tax credit, makes the child tax credit fully refundable, and establishes a program of advance monthly payments for such credit.

The bill increases the percentage rates and amounts of the earned income tax credit and expands age eligibility for the credit (lowering the age baseline from 25 to 18 and eliminating the age 65 limit).

The bill establishes a new refundable child tax credit with monthly advance payments of credit amounts.

The bill creates several set-off provisions, including (1) denying preferential capital gain tax rates for taxpayers with taxable income in excess of $1 million, (2) increasing the corporate income tax rate from 21% to 28%, and (3) increasing the excise tax rate on repurchases of corporate stock and the rate of the corporate alternative minimum tax.

What's happening now October 25, 2023

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1