[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2714 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2714

    To amend the Internal Revenue Code of 1986 to provide funds for 
     administration of the earned income tax credit in Puerto Rico.


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                   IN THE SENATE OF THE UNITED STATES

                           September 13, 2021

Mr. Menendez (for himself and Mrs. Gillibrand) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide funds for 
     administration of the earned income tax credit in Puerto Rico.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FUNDING FOR ADMINISTRATION OF PUERTO RICO EARNED INCOME TAX 
              CREDIT.

    Section 7530(a)(1) of the Internal Revenue Code of 1986 is amended 
by redesignating subparagraph (B) as subparagraph (C) and by inserting 
after subparagraph (A) the following new subparagraph:
                    ``(B) in the case of calendar years 2021 through 
                2025, the lesser of--
                            ``(i) the expenditures made by Puerto Rico 
                        during all such calendar years for 
                        administration of the earned income tax credit 
                        for taxable years beginning in or with such 
                        calendar years, or
                            ``(ii) $4,182,117, plus''.
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