Sec. 1701. Expansion of Earned Income Credit
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/bill/114/hr/2721/ih/section-1701·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The item in the table in section 32(b)(1) of the Internal Revenue Code of 1986 under the column relating to the credit percentage is amended by striking 7.65 and inserting 15.3 . The item in the table in section 32(b)(1) of the Internal Revenue Code of 1986 under the column relating to the phaseout percentage is amended by striking 7.65 and inserting 15.3 . The item in the table in section 32(b)(2)(A) of the Internal Revenue Code of 1986 under the column relating to the phaseout amount is amended by striking $5,280 and inserting $11,500 . Section 32(j) of the Internal Revenue Code of 1986 is amended by redesignating paragraph
(2)as paragraph
(3)and by inserting after paragraph
(1)the following new paragraph: In the case of the amount in subsection (b)(2)(A) under the column relating to the phaseout amount for taxable years beginning after 2016, paragraph (1)(B)(i) shall be applied by substituting calendar year 2015 for calendar year 1995 and paragraph
(1)shall not apply to such amount for taxable years beginning in 2016. . Section 32(j) of the Internal Revenue Code of 1986 is amended— in paragraph (1)(B)(i) by inserting except as provided in paragraph
(2)before in the case of , and in paragraph (2)(A) by inserting or
(2)after paragraph
(1). Section 32(c)(1)(A)(ii)(II) of the Internal Revenue Code of 1986 is amended by striking age 25 but not attained age 65 and inserting age 21 but not attained retirement age (as defined in section 216(l) of the Social Security Act) . The amendments made by this section shall apply to taxable years beginning after December 31, 2015.