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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 4, 2020.
Economic Mobility Act of 2019
This bill modifies provisions relating to the earned income tax credit, the child tax credit, and the child and dependent care tax credit. Among other things, it increases the earned income tax credit in 2019 and 2020 for individuals with no qualifying children, makes the child and dependent care tax credits fully refundable during the same period, increases the child tax credit for children under the age of 4, increases the exclusion from employee gross income for employer-provided dependent care assistance, and provides for payments to U.S. possessions related to such credits.
The bill also eliminates the increase in unrelated business taxable income by expenses for certain fringe benefits for which a tax deduction is not allowed, including transportation and parking benefits or an on-premises athletic facility.