Increase the Earned Income Tax Credit (EITC) for workers without qualifying children; expand eligibility for the EITC; increase the amount of the child tax credit for young children; allow the full amount of the child tax credit to be refunded; and make payments to U.S. possessions for their costs related to the EITC and child tax credit
Increase tax benefits for taxpayers with child and dependent care expenses
Exclude expenses for certain fringe benefits from unrelated business taxable income
Estimated budgetary effects would primarily stem from
An increase in the child tax credit for young children and allowing the full amount of the credit to be refunded
An expansion of the EITC for workers without qualifying children
An expansion of the child and dependent care credit
The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. All of the estimates for the provisions of H.R. 3300 were provided by JCT.
