HB 3590 Building Our Opportunities to Survive and Thrive Act of 2019

About HB-3590

Creates a new refundable tax credit of $3,000 for individual taxpayers subject to an income-based phaseout and an inflation adjustment to the credit amount after 2019. It also provides for advance payments of credit amounts to taxpayers on a monthly basis and allows a disregard of credit amounts for purposes of determining eligibility for federal or state assistance programs. The bill directs the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide tax return preparation assistance to low-income taxpayers. The bill expresses the sense of the House of Representatives that the cost of this bill should be fully offset by

• (1) the repeal of the Tax Cuts and Jobs Act (except for provisions of that Act that provide relief to taxpayers with annual incomes of less than $100,000), and
• (2) a fee on financial institutions with consolidated assets of more than $50 billion.