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To amend the Internal Revenue Code of 1986 to establish a permanent lookback provision with respect to the Earned Income Credit.
Summary
This bill establishes a lookback provision for the Earned Income Tax Credit (EITC), allowing taxpayers to claim the credit based on their prior year's earnings if their current year earnings are lower. When a taxpayer's earned income decreases from one year to the next, they can elect to use their previous year's earned income to calculate the EITC instead. This could result in a larger tax credit for taxpayers experiencing a temporary income decline. The provision applies to tax years beginning after December 31, 2024.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Apr 10, 2025 Referred to the House Committee on Ways and Means. · house
- Apr 10, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
April 10, 2025
Mrs. Sykes introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to establish a permanent lookback provision with respect to the Earned Income Credit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “EITC Lookback Act”.
SEC. 2. EARNED INCOME CREDIT LOOKBACK.
(a) In General.—Section 32 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(o) Lookback.—If the earned income of the taxpayer for the taxable year is less than the earned income of the taxpayer for the preceding taxable year, the credit allowed under subsection (a) may, at the election of the taxpayer, be determined by substituting—
“(1) such earned income for the preceding taxable year, for
“(2) such earned income for the taxable year.”.
(b) Effective Date.—The amendment made by this section shall apply to determinations made with respect to taxable years beginning after December 31, 2024. <all>
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