S. 3542 — Introduced in Senate

II 116th CONGRESS 2d Session S. 3542 IN THE SENATE OF THE UNITED STATES March 19, 2020Mr. Brown (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide COVID-19 related assistance through a special earned income rule for purposes of the refundable child and earned income credits for taxable year 2020. 1. Short title This Act may be cited as the COVID-19 Earned Income Act. 2. Special rule for determining earned income (a) In general If the earned income (as defined in section 32(c)(2) of the Internal Revenue Code of 1986) of a taxpayer for the applicable taxable year is less than the earned income (as so defined) of the taxpayer for the preceding taxable year, the credits allowed under sections 24(d) and 32 of the Internal Revenue Code of 1986 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 applicable taxable year. (b) Applicable taxable year For purposes of this section, the term applicable taxable year means taxable year 2020.