H.R.3590 - Building Our Opportunities to Survive and Thrive Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Tlaib, Rashida [D-MI-13] (Introduced 06/27/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/27/2019 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.3590 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (06/27/2019)
Building Our Opportunities to Survive and Thrive Act of 2019
This bill creates a new refundable tax credit of $3,000 for individual taxpayers subject to an income-based phaseout and an inflation adjustment to the credit amount after 2019. It also provides for advance payments of credit amounts to taxpayers on a monthly basis and allows a disregard of credit amounts for purposes of determining eligibility for federal or state assistance programs.
The bill directs the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide tax return preparation assistance to low-income taxpayers.
The bill expresses the sense of the House of Representatives that the cost of this bill should be fully offset by (1) the repeal of the Tax Cuts and Jobs Act (except for provisions of that Act that provide relief to taxpayers with annual incomes of less than $100,000), and (2) a fee on financial institutions with consolidated assets of more than $50 billion.