{"bill":{"id":"119-hr-463","congress":119,"type":"HR","number":463,"title":"Lower Your Taxes Act","originChamber":"House","introducedDate":"2025-01-15","sponsors":[{"bioguideId":"S001223","fullName":"Rep. Sykes, Emilia Strong [D-OH-13]","party":"D","state":"OH","district":13}],"cosponsorsCount":3,"latestAction":{"actionDate":"2025-01-15","text":"Referred to the House Committee on Ways and Means."},"policyArea":"Taxation","subjects":["Income tax credits","Income tax rates","Inflation and prices","State and local taxation","Tax treatment of families"],"actions":[{"date":"2025-01-15","text":"Referred to the House Committee on Ways and Means.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2025-01-15","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2025-01-15","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>Lower Your Taxes Act </strong></p><p>This bill increases the earned income tax credit (EITC), replaces the child tax credit with an allowance, establishes a new dependent tax credit, limits the capital gains tax rates, and increases taxes on corporations.</p><p>The bill</p><ul><li>increases the EITC amount,</li><li>lowers the EITC eligibility age to 18 years (from 25 years) and eliminates the maximum age limit,</li><li>increases the EITC phaseout amount for joint filers to twice that of single filers, and&nbsp;</li><li>requires the Internal Revenue Service (IRS)&nbsp;to notify individuals of their EITC eligibility.</li></ul><p>The bill requires the IRS to create a program for paying individuals certain amounts related to the nonrefundable portion of state EITC amounts.</p><p>The bill replaces the child tax credit with a monthly&nbsp;allowance of up to $350&nbsp;per child&nbsp;depending on the child’s age (subject to income limitations and adjustments for inflation) and requires the IRS to send the allowance to individuals monthly.</p><p>The bill establishes a tax credit of $500 for each qualified dependent (subject to income limitations).</p><p>Further, the bill</p><ul><li>increases the corporate income tax rate to 28% (from 21%),</li><li>increases the excise tax on corporate stock buybacks to 4% (from 1%), and</li><li>creates a new 25% corporate alternative minimum tax bracket applicable to adjusted financial statement income exceeding $5 billion.</li></ul><p>Finally, the bill precludes individuals with taxable income exceeding $1 million&nbsp;($500,000 for married individuals filing separately) from applying the capital gains tax rates to net capital gains and requires the limits to be adjusted for inflation.</p>","updateDate":"2026-09-19T23:07:48Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":510,"ts":"2026-10-13T15:53:08.065Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"https://simplefunctions.dev/api/public/query-gov?q=Lower%20Your%20Taxes%20Act"}]}}