A bill to amend the Internal Revenue Code of 1954 to increase the earned income credit, to provide that needs-based governmental benefits shall be disregarded in determining dependency status, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the amount of the earned income tax credit from 11 percent to 16 percent of the first $5,000 of earned income. Provides for a phaseout of such credit for taxpayers with adjusted gross incomes between $11,000 and $16,000. Provides that governmental payments shall be disregarded for purposes of determining support and maintenance of a household. Provides that any refund of Federal income taxes or advance payment made to an individual by reason of the earned income credit shall not be taken into account as income for purposes of determining eligibility for benefits or assistance under any Federal program or any State or local program financed in whole or part with Federal funds. Provides for cost-of-living adjustments for the amount of the earned income credit and the phase-out thresholds of such credit beginning in 1987.

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Documents

1 official file

• Introduced in House

  summary · EN · 14 May 1985

  Open at official source

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