S. 4 · 116th Congress
LIFT (Livable Incomes for Families Today) the Middle Class Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HarrisSponsorNo cosponsors.
LIFT (Livable Incomes for Families Today) the Middle Class Act
What it does: CRS summary · Introduced in Senate · Jan 3, 2019
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: LIFT (Livable Incomes for Families Today) the Middle Class Act
Latest action (Jan 3, 2019): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 3, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.