Summary: S.3542 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3542. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/19/2020)

COVID-19 Earned Income Act

This bill sets forth a special rule for determining the amount of the earned income tax credit and the refundable portion of the child tax credit. Specifically, the bill allows a taxpayer to use the earned income of the preceding taxable year in computing such credits if such income is greater than the income for the current taxable year (i..e., 2020).