LIFT (Livable Incomes for Families Today) the Middle Class Act

Summary

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.

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Timeline

1. 5 December 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 5 December 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 December 2018 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 December 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 December 2018

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 5 December 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Harris, Kamala D. [D-CA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Volunteer Income Tax Assistance Permanence Act of 2017
• related to → Volunteer Income Tax Assistance Permanence Act of 2017
• related to → LIFT (Livable Incomes for Families Today) the Middle Class Act