A bill to amend the Internal Revenue Code of 1954 to increase the earned income credit and to disregard such credit with respect to certain eligibility.

Summary

Amends the Internal Revenue Code to increase the rate of the earned income tax credit from 11 percent to 12 percent of the first $5,000 in earned income. Phases out such credit at a rate of 13.33 percent for incomes between $8,500 and $13,000. Provides for annual cost-of-living adjustments to the amount of such credit and the phase-out thresholds beginning in 1987. Provides that any refund of income tax due to the earned income credit shall not be taken into account for purposes of determining eligibility for benefits or assistance under any Federal program or any State or local program funded in whole or in part by Federal funds.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 May 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 9 May 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 13 May 1985

   Committee

   Committee on Finance requested executive comment from Treasury Department, Health and Human Services Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 9 May 1985

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• · ssfi00 · Standing

Related records

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