3.0.0 3712 2023-01-11T13:40:42Z 2023-01-11T13:40:42Z Senate S 2018-12-05 115 ssfi00 Finance Committee Senate Standing Referred to 2018-12-05T21:42:36Z Volunteer Income Tax Assistance Permanence Act of 2017 115 2901 HR 2018-04-18 Pursuant to the provisions of H. Res. 831, H.R. 2901 is laid on the table. 18:20:49 Related bill CRS Volunteer Income Tax Assistance Permanence Act of 2017 115 797 S 2017-03-30 Read twice and referred to the Committee on Finance. Related bill CRS 2018-12-05 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-12-05 Introduced in Senate IntroReferral 10000 9 Library of Congress H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. N 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 Taxation 00 2018-12-05 Introduced in Senate 2019-01-23T22:27:23Z LIFT (Livable Incomes for Families Today) the Middle Class Act

This bill establishes a refundable middle class tax credit of up to $3,000 for individuals and up to $6,000 for married individuals filing joint returns. Taxpayers must be at least 18 years of age to receive the credit and may elect to receive payments of the credit in advance on a monthly basis.

The bill limits the amount of the credit and eligibility for the credit based on annual income and filing status. Both the income limitations and the amount of the credit must be adjusted for inflation after 2019.

The bill also requires the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of underserved populations. The program must be substantially similar to the Community Volunteer Income Tax Assistance matching grants demonstration program established under the Consolidated Appropriations Act, 2008.

The bill expresses the sense of the Senate that the costs of the bill should be offset through (1) repealing P.L. 115-97 (commonly known as the Tax Cuts and Jobs Act), with the exception of provisions that provide relief to taxpayers with under $100,000 in annual income; and (2) assessing a fee on financial institutions with total consolidated assets of more than $50 billion.

]]> LIFT (Livable Incomes for Families Today) the Middle Class Act Display Title LIFT (Livable Incomes for Families Today) the Middle Class Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to establish a refundable tax credit to increase the take-home pay of American workers and enhance their financial stability, and for other purposes. Introduced in Senate IS Short Titles as Introduced LIFT (Livable Incomes for Families Today) the Middle Class Act Introduced in Senate 2018-12-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3712is/xml/BILLS-115s3712is.xml 2018-12-05 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.