,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dhie  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #cj1 #bjba,ms4  
,om> 7= h]self1 ,ms4 ,bu%1 ,mr4 ,evans1 
,mr4 ,b[man1 & ,ms4 ,jayapal7 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,f9ancial   
,s]vices1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to direct ! ,secret>y (       
,treasury to e/abli% a ,f$]al (fice to  
ov]see local gu>ante$ income pilots & to
 implem5t a national gu>ante$ income    
program1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,s5d+   
,unconditional ,paym5ts to ,p ,ov]com+  
,resi/ances to ,triumph ,act ( #bjba or 
! ,,support ,act ( #bjba4  #b4 ,table ( 
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3 ,sec4 #a4 ,%ort title4,sec4  
#b4 ,table ( cont5ts4,sec4 #c4 ,secret>y
 def9$4,title ,i--,gu>ante$ ,income     

,programs,sec4 #aja4 ,def9itions4,sec4  
#ajb4 ,(fice ( ,gu>ante$ ,income        
,programs4,sec4 #ajc4 ,gu>ante$ income  
pilot program4,title ,,ii--,gu>ante$    
,income ,tax ,credit,sec4 #bja4         
,e/abli%m5t ( ! gu>ante$ income tax     
cr$it4,title ,,iii--,fed,accounts,sec4  
#cja4 ,creation & integration (         
,fed,accounts4  #c4 ,secret>y def9$ ,9  
?is ,act1 ! t]m ,secret>y means !       
,secret>y ( ,treasury 7or ! ,secret>y's 
delegate74  ,i ,gu>ante$ ,income        
,programs  #aja4 ,def9itions ,9 ?is     
title3 7#a7 ,community developm5t       
f9ancial in/itution ,! t]m community    
developm5t f9ancial in/itution has !    
mean+ giv5 su* t]m 9 section #ajc ( !   
,community ,developm5t ,bank+ &         
,f9ancial ,in/itutions ,act ( #aiid 7#ab
 ,u4,s4,c4 #dgjb74  7#b7 ,director ,!   
t]m ,director means ! ,director ( !     
,(fice ( ,gu>ante$ ,income ,programs    
e/abli%$ "u section #ajb4  7#c7 ,unit ( 
g5]al local gov]nm5t ,! t]m unit ( g5]al
 local gov]nm5t has ! mean+ giv5 su* t]m

 9 section #ajb ( ! ,h\s+ & ,community  
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecjb74  #ajb4 ,(fice ( ,gu>ante$       
,income ,programs  7a7 ,e/abli%m5t ,!re 
is e/abli%$ an ,(fice ( ,gu>ante$       
,income ,programs 79 ?is section ref]r$ 
to z ! ,(fice74  7b7 ,director ,! ,(fice
 %all be head$ by a ,director1 :o %all  
be appo9t$ by ! ,secret>y4  7c7 ,duties 
,! ,director %all assi/ ! ,secret>y 9-- 
7#a7 c>ry+ out ! pilot program e/abli%$ 
9 section #ajc2 &  7#b7 implem5t+ !     
,f$]al tax cr$it e/abli%$ 9 title ,,ii4 
7d7 ,p>tn]%ips ) o!r ,f$]al ag5cies     
7#a7 ,9 g5]al ,! ,secret>y may consult )
 ,f$]al ag5cies to-- 7,a7 e/abli% !     
organizational /ructure & functionality 
( ! ,(fice2 &  7,b7 meet ! purposes (   
?is ,act4  7#b7 ,specific duties ( o!r  
,f$]al ag5cies  7,a7 ,dep>tm5t ( ,h\s+ &
 ,urban ,developm5t ,9 ord] to assi/ !  
,secret>y ! ,secret>y ( ,h\s+ & ,urban  
,developm5t %all provide adm9i/rative   
exp]tise ) respect to grantmak+ to units
 ( g5]al local gov]nm5t ?r\gh !         

community developm5t block grant program
 "u title ,i ( ! ,h\s+ & ,community     
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecja et seq474  7,b7 ,dep>tm5t ( ,heal?
 & ,human ,s]vices ,! ,secret>y ( ,heal?
 & ,human ,s]vices %all provide to !    
,secret>y & ! ,director rese>* consult+ 
f ! ,(fice ( ,plann+1 ,rese>*1 &        
,evaluation & su* ,(fice's exp]i5ce ) ! 
,tempor>y ,assi/ance = ,ne$y ,families  
,program4  7,c7 ,int]nal ,rev5ue ,s]vice
 ,! ,commission] ( ,int]nal ,rev5ue %all
 provide to ! ,secret>y access to tax   
records to adm9i/] & analyze ! program  
"u section #ajc & to update ! ,secret>y 
on *anges to ! taxable income ( an      
individual "u ?is title & title ,,ii4   
7,d7 ,social ,security ,adm9i/ration ,! 
,commission] ( ,social ,security %all   
provide to ! ,secret>y access to        
id5tify+ records & addresses to id5tify 
individuals "u ?is title & title ,,ii   
receiv+ supplem5tal security income     
b5efits or social security disability   
insurance b5efits4  7e7 ,data %>+ ,z    

det]m9$ necess>y1 ! ,secret>y may "w )  
o!r relevant ,f$]al ag5cies = ! purposes
 ( %>+ & updat+ p]sonal id5tification   
in=mation & consolidat+ a database (    
individuals :o may receive ca% paym5ts  
"u ?is title & title ,,ii4  7f7         
,national ,economic ,advisory ,c\ncil   
7#a7 ,e/abli%m5t ,! ,director %all      
e/abli% )9 ! ,(fice a ,national         
,economic ,advisory ,c\ncil to make     
recomm5dations ) respect to improv+     
p]=mance & coord9ation ( basic income   
pilot programs4  7#b7 ,memb]%ip ,!      
,national ,economic ,advisory ,c\ncil   
%all be compos$ ( #aj memb]s z foll[s3  
7,a7 ,! ,director4  7,b7 ,! foll[+      
memb]s appo9t$ by ! ,director3 7i7 ,"o  
repres5tative f a national nonpr(it     
civil rights organization4  7ii7 ,"o    
repres5tative f a national labor        
organization4  7iii7 ,"o repres5tative f
 an economic rese>* organization )      
exp]tise 9 ca%-transf] programs4  7iv7  
,"o repres5tative f a community advocacy
 organization ) exp]tise 9 ca%-transf]  

programs4  7v7 ,"o repres5tative f a    
community developm5t f9ancial           
in/itution4  7vi7 ,two individuals      
eligible = ca% paym5ts "u ?is title or  
title ,,ii4  7,c7 ,two memb]s appo9t$ by
 ! ,secret>y4  7#c7 ,recomm5dations ,!  
,c\ncil %all submit to ! ,secret>y &    
,congress annual recomm5dations relat+  
to ! policies & regulations ( ! ,(fice4 
#ajc4 ,gu>ante$ income pilot program    
7a7 ,9 g5]al ,! ,secret>y %all implem5t 
a #e-ye> gu>ante$ income pilot program  
79 ?is section ref]r$ to z ! ,program7  
to provide grants to eligible entities  
to assi/ 9 c>ry+ out a qualify+ pilot   
program4  7b7 ,qualify+ pilot program   
def9$ ,9 ?is section1 ! t]m qualify+    
pilot program means a new or ongo+ local
 basic income pilot program t provides  
to eligible individuals ca% paym5ts t   
are-- 7#a7 n less ?an #ej p] su*        
individual p] paym5t2 &  7#b7 made on a 
bi-weekly1 mon?ly1 or qu>t]ly basis4    
7c7 ,application ,a grant "u ?is section
 may be made only to an eligible entity 

t submits to ! ,secret>y an application 
conta9+ su* in=mation z ! ,secret>y may 
require1 includ+-- 7#a7 a description ( 
a qualify+ pilot program to be c>ri$ out
 us+ grant am\nts2 &  7#b7 an           
explanation ( ! ne$ = su* program4  7d7 
,selection  7#a7 ,9 g5]al ,! ,secret>y1 
9 consultation ) ! ,director1 %all      
select n less ?an #ejj eligible entities
 to p>ticipate 9 ! ,program bas$ on     
crit]ia t ! ,secret>y %all e/abli%4     
7#b7 ,priority ,! ,secret>y1 9 approv+  
applications "u ?is section1 %all give  
priority to applications submitt$ by--  
7,a7 units ( g5]al local gov]nm5t t h   
nev] e/abli%$ or d n h an exi/+ program 
to provide a basic m9imum income =      
individuals2  7,b7 units ( g5]al local  
gov]nm5t t w c>ry out a qualify+ pilot  
program 9 l[-income geographic areas or 
p]si/5t pov]ty c\nties2  7,c7 community 
developm5t f9ancial in/itutions t are   
m9ority-own$2 &  7,d7 community         
developm5t f9ancial in/itutions t s]ve  
or are bas$ 9 l[-income geographic areas

 or p]si/5t pov]ty c\nties4  7e7 ,local 
evaluations ,eligible entities may use  
grant am\nts to cov] ! co/s (           
evaluations1 simil> to ! requirem5ts 9  
subsection 7g71 ?r\gh work+ ) p>tn]s1   
su* z =-pr(it1 nonpr(it1 public1 or     
quasi-gov]nm5tal entities1 to design1   
text1 & report on _! income pilots4  7f7
 ,disreg>d ( ca% paym5ts = purposes (   
all ,f$]al & f$]ally assi/$ programs    
,not)/&+ any o!r provision ( law1 any   
paym5t made to a p>ticipat+ individual  
"u ?is section %all n be tak5 into      
acc\nt z income or res\rces = ! p]iod ( 
#ab mon?s f receipt1 = purposes (       
det]m9+ ! eligibility ( su* individual =
 b5efits or assi/ance 7or ! am\nt or    
ext5t ( b5efits or assi/ance7 "u any    
,f$]al program or any ,/ate or local    
program f9anc$ 9 :ole or 9 "p ) ,f$]al  
funds4  7g7 ,ext]nal p>tn]s  7#a7       
,selection ,! ,secret>y1 9 consultation 
) ! ,director1 %all select no m ?an ?ree
 ext]nal p>tn]s to provide assi/ance ) !
 design1 adm9i/ration1 & evaluation ( ! 

,program4  7#b7 ,qualifications ,an     
organization select$ to be an ext]nal   
p>tn] %all-- 7,a7 h demon/rat$ exp]i5ce 
9-- 7i7 /udy+ or implem5t+ ca%-transf]  
programs2  7ii7 execut+ a mix$-me?ods   
/udy t incorporates an exp]im5t or      
quasi-exp]im5t design2 &  7iii7 hold+   
highly e?ical rese>* designs ) a        
consi/5t track record ( approval f      
in/itutional review bo>ds2 &  7,b7 h no 
campaign activity z a rese>*            
organization describ$ "u section        
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf4  7#c7 ,confid5tiality ,an      
ext]nal p>tn]1 & any employee ( an      
ext]nal p>tn]1 %all be treat$ z a ,f$]al
 employee = purposes ( section #fajc ( !
 ,int]nal ,rev5ue ,code ( #aihf4  7#d7  
,data collection ,an ext]nal p>tn] %all 
"w ) ! ,director to collect & record    
data f eligible entities & p>ticipat+   
individuals1 z necess>y1 to complete !  
/udy & reports requir$ "u subsection    
7g71 & to conduct any additional rese>* 
z ! ,secret>y det]m9es necess>y4  7h7   

,report+  7#a7 ,task =ce ,! ,secret>y1 9
 consultation ) ! ,director & ext]nal   
p>tn]s1 may e/abli% a task =ce to /udy !
 results ( ! qualify+ pilot programs    
fund$ ) grants "u ! ,program4  7#b7     
,in=mation ga!r+ ,an eligible entity    
provid+ ca% paym5ts to an eligible      
individual ?r\gh a qualify+ pilot       
program1 fund$ ?r\gh ! ,program1 %all   
collect1 ma9ta9 a record (1 & promptly  
submit su* record to ! task =ce ! foll[+
 in=mation3 7,a7 ,if ! eligible entity  
is a community developm5t f9ancial      
in/itution1 :e!r ! entity itself is a   
m9ority-own$1 wom5-own$1 or vet]an-own$ 
entity4  7,b7 ,demographic in=mation (  
p>ticipat+ individuals1 includ+ race &  
e?nicity1 g5d]1 disability /atus1 h\s+  
/atus1 family composition1 & income     
level4  7#c7 ,evaluation ,( ! am\nts    
made available to c>ry out ?is section1 
! ,secret>y1 act+ ?r\gh ! ,director1 may
 use su* am\nts z may be necess>y to    
evaluate ! effectiv5ess ( qualify+ pilot
 programs fund$ ?r\gh ! ,program1 us+ a 

me?odology t-- 7,a7 includes a r&om     
assignm5t :5ev] feasible1 or o!r rese>* 
me?ods t all[ = ! /ronge/ possible      
casual inf]5ces :5 a r&om assignm5t is n
 feasible2 &  7,b7 g5]ates evid5ce on ! 
impact ( specific qualify+ pilot        
programs & protocols4  7#d7 ,int]im     
report ,n lat] ?an #bd mon?s aft] ca%   
paym5ts are initially made to p>ticipat+
 individuals1 ! ,secret>y1 9            
consultation ) ! ,director & ext]nal    
p>tn]s1 %all issue an int]im report on !
 ,program to ,congress1 includ+ ! foll[+
 in=mation3 7,a7 ,= ea* qualify+ pilot  
program1 ! total numb] ( p>ticipat+     
individuals disaggregat$ by race &      
e?nicity1 g5d]1 disability /atus1 h\s+  
/atus1 family composition1 & income &   
assets 7includ+ income level z a        
p]c5tage ( ! ,f$]al pov]ty l9e74  7,b7  
,) respect to ea* p>ticipat+ individual1
 to ! ext5t applicable-- 7i7 su*        
individual's employm5t type & job /atus2
  7ii7 ! total am\nt ( ca% paym5ts      
receiv$ by su* individual2 &  7iii7 su* 

individual's zip code4  7,c7 ,any o!r   
in=mation t ! ,secret>y det]m9es to be  
necess>y4  7#e7 ,f9al report ,n lat] ?an
 #ab mon?s aft] ! conclusion ( !        
,program1 ! ,secret>y1 9 consultation ) 
! ,director & ! ext]nal p>tn]s1 %all    
issue a f9al report on ! ,program to    
,congress1 :i* %all include updat$      
disclosures & calculations ( ! in=mation
 provid$ 9 ! int]im report "u p>agraph  
7#d71 & a f9al assessm5t compris$ (--   
7,a7 a quantitative & qualitative       
analysis ( ! effects ( ! income         
subsidies provid$ "u ! qualify+ pilot   
programs on-- 7i7 f9ancial outcomes (   
p>ticipat+ individuals2  7ii7 ! heal? & 
economic well-be+ ( p>ticipat+          
individuals2 &  7iii7 ! social co/s (   
pov]ty & income volatility1 includ+     
connections ) income fluctuation &      
heal?1 education1 employm5t1 *ildc>e1 & 
o!r outcomes z det]m9$ appropriate by ! 
,secret>y2 &  7,b7 recomm5dations by !  
,secret>y on ! efficacy & op]ational    
pa?ways ( exp&+ local basic income      

subsidies into a ,f$]al gu>ante$ income 
program4  7#f7 ,public availability     
7,a7 ,9 g5]al ,z soon z is practicable  
aft] issu+ ea* report "u p>agraphs 7#d7 
& 7#e71 ! ,secret>y %all make all !     
in=mation conta9$ 9 ea* su* report      
publicly available4  7,b7               
,confid5tiality ,9 mak+ in=mation       
publicly available "u subp>agraph 7,a71 
! ,secret>y %all )hold confid5tial      
in=mation4  7i7 ,rules & guidance ,!    
,secret>y1 9 consultation ) ! ,director1
 %all issue any rules & guidance t are  
necess>y to c>ry out ?is section1       
includ+ e/abli%+ appropriate compliance 
& report+ requirem5ts 9 addition to !   
report+ requirem5ts "u subsection 7g74  
7j7 ,def9itions ,9 ?is section3 7#a7    
,eligible entity ,! t]m eligible entity 
means a unit ( g5]al local gov]nm5t or a
 community developm5t f9ancial          
in/itution4  7#b7 ,eligible individual  
,! t]m eligible individual means a      
resid5t ( ! ,unit$ ,/ates4  7#c7 ,f$]al 
pov]ty l9e ,! t]m ,f$]al pov]ty l9e has 

! mean+ giv5 ! t]m pov]ty l9e 9 section 
#fgc ( ! ,omnibus ,budget               
,reconciliation ,act ( #aiha 7#db       
,u4,s4,c4 #iijb74  7#d7 ,l[-income      
geographic area ,! t]m l[-income        
geographic area has ! mean+ giv5 su* t]m
 9 section #cea ( ! ,small ,bus9ess     
,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4   
#fhi74  7#e7 ,m9ority-own$ ,) respect to
 a community developm5t f9ancial        
in/itution1 ! t]m m9ority-own$ means a  
community developm5t f9ancial in/itution
 )-- 7,a7 m ?an #ej p]c5t ( ! own]%ip or
 control held by n less ?an "o m9ority2 
&  7,b7 m ?an #ej p]c5t ( ! net pr(it or
 loss ( :i* accrues to n less ?an "o    
m9ority4  7#f7 ,m9ority ,! t]m m9ority  
has ! mean+ giv5 su* t]m 9 section      
#abjd7;c7 ( ! ,f9ancial ,in/itutions    
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi 7#ab ,u4,s4,c4 #ahaa note74  7#g7 
,p>ticipat+ individual ,! t]m p>ticipat+
 individual means an eligible individual
 t has receiv$ ca% paym5ts "u a qualify+
 pilot program fund$ ?r\gh a grant f !  

,program4  7#h7 ,p]si/5t pov]ty c\nty ,!
 t]m p]si/5t pov]ty c\nty means any     
c\nty t has _h #bj p]c5t or m ( its     
population liv+ 9 pov]ty ov] ! pa/ #cj  
ye>s1 z measur$ by ! mo/ rec5t dec5nial 
c5sus & ! mo/ rec5t ,small ,area ,income
 & ,pov]ty ,e/imates ( ! ,bureau ( !    
,c5sus1 z ( ! date ( ! enactm5t ( ?is   
,act4  7k7 ,au?orization (              
appropriations ,!re is au?oriz$ to be   
appropriat$ to c>ry out ?is section     
#ejj1jjj1jjj = ea* ( ! fiscal ye>s #bjbc
 ?r\gh #bjbg4  ,,ii ,gu>ante$ ,income   
,tax ,cr$it  #bja4 ,e/abli%m5t ( !      
gu>ante$ income tax cr$it  7a7 ,9 g5]al 
,subp>t ,c ( "p ,,iv ( sub*apt] ,a (    
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] section   
#cg ! foll[+ new section3  #cg;,a4      
,gu>ante$ income tax cr$it  7a7         
,all[ance ( cr$it ,9 ! case ( an        
eligible individual1 !re %all be all[$ z
 a cr$it aga9/ ! tax impos$ by ?is      
subtitle = ! taxable ye> an am\nt equal 
to-- 7#a7 #ad1djj1 plus  7#b7 #fjj      

multipli$ by ! numb] ( dep5d5ts 7z def9$
 9 section #aeb7 "u ! age ( #ah ( !     
taxpay]4  7b7 ,limitation bas$ on adju/$
 gross income ,! am\nt ( ! cr$it        
all[able "u subsection 7a7 %all be r$uc$
 7b n bel[ z]o7 by five p]c5t ( s mu* ( 
! taxpay]'s adju/$ gross income z       
exce$s-- 7#a7 #aej1jjj 9 ! case ( a jo9t
 return or a surviv+ sp\se 7z def9$ 9   
section #b7;a771  7#b7 #aab1ejj 9 ! case
 ( a head ( h\sehold1 &  7#c7 #ge1jjj 9 
! case ( a taxpay] n describ$ 9 p>agraph
 7#a7 or 7#b74  7c7 ,inflation adju/m5ts
  7#a7 ,9 g5]al ,9 ! case ( any taxable 
ye> beg9n+ aft] #bjbh1 ea* ( ! doll>    
am\nts "u subsections 7a7 & 7b7 %all be 
increas$ by an am\nt equal to-- 7,a7 su*
 doll> am\nt1 multipli$ by  7,b7 !      
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjbg = cal5d> ye> #bjaf 9   
subp>agraph 7,a77ii7 !re(4  7#b7 ,r\nd+ 
,if any increase det]m9$ "u p>agraph    
7#a7 is n a multiple ( #ej1 su* increase

 %all be r\nd$ to ! ne>e/ multiple (    
#ej4  7d7 ,eligible individual ,=       
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m eligible individual means an     
individual-- 7,a7 :o atta9$ #ah ye>s (  
age be=e ! close ( ! taxable ye>1  7,b7 
^: pr9cipal place ( abode 0 9 ! ,unit$  
,/ates = m ?an "o-half ( ! taxable ye>1 
7,c7 :o is n a dep5d5t = :om a d$uction 
is all[able "u section #aea to ano!r    
taxpay] = any taxable ye> beg9n+ 9 !    
same cal5d> ye> z su* taxable ye>1 &    
7,d7 :o did n claim ! b5efits ( section 
#iaa = ! prec$+ taxable ye>4  7#b7      
,limitation on eligibility ( nonresid5t 
ali5s ,! t]m eligible individual %all n 
include any individual :o is a          
nonresid5t ali5 individual = any portion
 ( ! prec$+ taxable ye>1 unless su*     
individual is treat$ = su* taxable ye> z
 a resid5t ( ! ,unit$ ,/ates = purposes 
( ?is *apt] by reason ( an election "u  
subsection 7g7 or 7h7 ( section #fjac4  
7#c7 ,id5tification numb] requirem5t ,no
 cr$it %all be all[$ "u ?is section to  

an eligible individual :o does n include
 on ! return ( tax = ! taxable ye>--    
7,a7 su* individual's taxpay]           
id5tification numb]1  7,b7 if !         
individual 0 m>ri$ dur+ ! prec$+ taxable
 ye> 7)9 ! mean+ ( section #ggjc71 !    
taxpay] id5tification numb] ( su*       
individual's sp\se1 &  7,c7 taxpay]     
id5tification numb] ( su* individual's  
dep5d5ts4  7#d7 ,treatm5t ( milit>y     
p]sonnel /ation$ outside ( ! ,unit$     
,/ates ,= purposes ( p>agraph 7#a77;,b71
 ! pr9cipal place ( abode ( a memb] ( ! 
,arm$ ,=ces ( ! ,unit$ ,/ates %all be   
treat$ z 9 ! ,unit$ ,/ates dur+ any     
p]iod dur+ :i* su* memb] is /ation$     
outside ! ,unit$ ,/ates :ile s]v+ on    
ext5d$ active duty ) ! ,arm$ ,=ces ( !  
,unit$ ,/ates4 ,= purposes ( ! prec$+   
s5t5ce1 ! t]m ext5d$ active duty means  
any p]iod ( active duty pursuant to a   
call or ord] to su* duty = a p]iod 9    
excess ( #ij days or = an indef9ite     
p]iod4  7e7 ,taxable ye> mu/ be full    
taxable ye> ,except 9 ! case ( a taxable

 ye> clos$ by reason ( ! dea? ( !       
taxpay]1 no cr$it %all be all[able "u   
?is section 9 ! case ( a taxable ye>    
cov]+ a p]iod ( less ?an #ab mon?s4  7f7
 ,re/rictions on taxpay] :o improp]ly   
claim$ cr$it 9 prior ye> ,rules simil>  
to subsection 7k7 ( section #cb %all    
apply = purposes ( ?is section4  7g7    
,reconciliation ( cr$it & advance       
paym5ts ,! am\nt ( ! cr$it all[$ "u ?is 
section = any taxable ye> %all be r$uc$ 
7b n bel[ z]o7 by ! aggregate am\nt (   
any advance paym5ts ( su* cr$it "u      
section #gebg;,b = su* taxable ye>4  4  
7b7 ,advance paym5t ( gu>ante$ income   
tax cr$it ,*apt] #gg ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #gebg;,a ! foll[+ new     
section3  #gebg;,b4 ,advance paym5t (   
gu>ante$ income tax cr$it  7a7 ,9 g5]al 
,! ,secret>y %all e/abli% a program =   
mak+ advance paym5ts to eligible        
taxpay]s :i* equal1 9 ! aggregate dur+  
any cal5d> ye>1 ! annual advance am\nt  
det]m9$ ) respect to su* taxpay] = su*  

cal5d> ye>4 ,! advance paym5ts made to  
su* taxpay] = any cal5d> ye> %all be 9  
equal am\nts4  7b7 ,eligible taxpay] ,! 
t]m eligible taxpay] has ! mean+ giv5   
eligible individual 9 section #cg;,a &  
su* taxpay] has made an election "u     
subsection 7d74  7c7 ,annual advance    
am\nt ,= ! purposes ( ?is section1 ! t]m
 annual advance am\nt means1 ) respect  
to an eligible taxpay] = any cal5d> ye>1
 an am\nt equal to ! am\nt ( cr$it :i* !
 ,secret>y has det]m9$ w be all[$ to su*
 taxpay] "u section #cg;,a = ! taxpay]'s
 taxable ye> beg9n+ 9 su* cal5d> ye>4   
7d7 ,election ( advance paym5t  7#a7 ,9 
g5]al ,a taxpay] may elect to receive an
 advance paym5t ( ! cr$it all[$ "u      
section #cg;,a = any taxable ye>-- 7,a7 
by includ+ su* election on a timely fil$
 return = ! prec$+ taxable ye>1 or  7,b7
 ?r\gh ! onl9e portal e/abli%$ 9        
p>agraph 7#b74  7#b7 ,onl9e portal ,!   
,secret>y %all e/abli% an onl9e portal  
:i* all[s non-fil+ taxpay]s to-- 7,a7   
elect to receive paym5ts "u ?is section1

 &  7,b7 provide any in=mation !        
,secret>y det]m9es necess>y4  7e7       
,int]nal rev5ue s]vice notification ,!  
,int]nal ,rev5ue ,s]vice %all take su*  
/eps z may be appropriate to ensure t   
taxpay]s :o are eligible to receive !   
cr$it "u section #cg;,a are aw>e ( !    
availability ( ! advance paym5t ( su*   
cr$it "u ?is section4  7f7 ,au?ority ,! 
,secret>y may prescribe su* regulations 
or o!r guidance z may be appropriate or 
necess>y = ! purposes ( c>ry+ out ?is   
section4  4  7c7 ,o!r rules  7#a7 ,tim+ 
& mann] ( paym5ts  7,a7 ,tim+ ,!        
,secret>y %all1 subject to ! provisions 
( ?is title1 refund or cr$it any        
ov]paym5t attributable to ?is section z 
rapidly z possible4  7,b7 ,alt]nate     
in=mation ,= purposes ( disburs+ refunds
 payable "u ?is section1 if an          
individual eligible to receive a cr$it  
"u section #cg;,a 7z add$ by subsection 
7a77 has n1 z ( any applicable date1    
fil$ a tax return = ! applicable taxable
 ye>1 ! ,secret>y %all-- 7i7 use return 

in=mation ) respect to su* individual = 
! taxable ye> prec$+ su* applicable     
taxable ye>2 or  7ii7 9 ! case ( an     
individual :o has n fil$ a tax return = 
! applicable ye> or ! taxable ye>       
describ$ 9 clause 7i71 use any          
applicable in=mation provid$ by relevant
 ag5cies4  7,c7 ,coord9ation &          
notification ,= purposes ( subp>agraph  
7,b77i71 ! ,secret>y %all-- 7i7         
coord9ate ) ! heads ( relevant ,f$]al   
ag5cies to receive applicable in=mation 
) respect to any individuals :o may be  
eligible to receive a refund paym5t     
pursuant to ?is section2 &  7ii7 e/abli%
 an onl9e portal t individuals describ$ 
9 p>agraph 7,b7 may use to report any   
in=mation requir$1 z det]m9$ by !       
,secret>y1 to det]m9e ! am\nt ( any     
refund paym5ts = :i* su* individuals may
 be eligible1 includ+ me?ods            
specifically design$ to id5tify & acc\nt
 = fo/] y\? & individuals exp]i5c+      
homelessness or h\s+ insecurity4  7,d7  
,deliv]y ( paym5ts ,not)/&+ any o!r     

provision ( law1 ! ,secret>y may c]tify 
& disburse refunds imm$iately payable "u
 ?is subsection-- 7i7 electronically to 
any acc\nt to :i* ! payee au?oriz$ !    
deliv]y ( a refund ( taxes "u ?is title 
or ( a ,f$]al paym5t 7z def9$ 9 section 
#cccb ( title #ca1 ,unit$ ,/ates ,code72
 or  7ii7 ?r\gh su* o!r means z are     
det]m9$ appropriate by ! ,secret>y      
includ+ ?r\gh ! use ( mail$ pap] *ecks1 
/or$ value c>ds1 & onl9e paym5t sy/ems  
includ+ ,fed,accounts z e/abli%$ "u     
section #cja4  7,e7 ,waiv] ( c]ta9 rules
 ,not)/&+ section #ccbe ( title #ca1    
,unit$ ,/ates ,code1 or any o!r         
provision ( law1 ) respect to any paym5t
 ( a refund "u ?is subsection1 a        
disburs+ (ficial 9 ! executive bran* ( !
 ,unit$ ,/ates ,gov]nm5t may modify     
paym5t in=mation receiv$ f an (fic] or  
employee describ$ 9 section             
#ccbe7;a77#a77;,b7 ( su* title = !      
purpose ( facilitat+ ! accurate &       
effici5t deliv]y ( su* paym5t4 ,except 9
 cases ( fraud or reckless neglect1 no  

liability "u sections #ccbe1 #cebg1     
#cebh1 or #bebi ( title #ca1 ,unit$     
,/ates ,code1 %all be impos$ ) respect  
to paym5ts made "u ?is subp>agraph4     
7#b7 ,no int]e/ ,no int]e/ %all be all[$
 on any ov]paym5t attributable to a     
paym5t deem$ made "u ?is section4  7#c7 
,notice to taxpay] ,n lat] ?an #ae days 
aft] ! date on :i* ! ,secret>y di/ribut$
 any paym5t to a taxpay] pursuant to ?is
 section1 notice %all be s5t by mail to 
su* taxpay]'s la/ kn[n address4 ,su*    
notice %all indicate ! me?od by :i* su* 
paym5t 0 made1 ! am\nt ( su* paym5t1 & a
 phone numb] or website portal = !      
appropriate contact at ! ,int]nal       
,rev5ue ,s]vice to report any failure to
 receive su* paym5t4  7#d7 ,treatm5t (  
possessions ,rules simil> to ! rules (  
subsection 7c7 ( section #bbja ( !      
,,c>es ,act 7,public ,law #aaf-acf7 %all
 apply = ! purposes ( section #cg;,a (  
su* ,code 7z add$ by subsection 7a774   
7#e7 ,exception f r$uction or (fset ,any
 cr$it or refund all[$ or made to any   

individual by reason ( section #cg;,a ( 
! ,int]nal ,rev5ue ,code ( #aihf 7z add$
 by subsection 7a77 or by reason (      
p>agraph 7#a7 ( ?is subsection %all n   
be-- 7,a7 subject to r$uction or (fset  
pursuant to section #cgaf or #cgbj;,a ( 
title #ca1 ,unit$ ,/ates ,code2  7,b7   
subject to r$uction or (fset pursuant to
 subsection 7c71 7d71 7e71 or 7f7 (     
section #fdjb ( ! ,int]nal ,rev5ue ,code
 ( #aihf2 or  7,c7 r$uc$ or (fset by o!r
 assess$ ,f$]al taxes t w\ld o!rwise be 
subject to levy or collection4  7#f7    
,prohibition on g>ni%m5t  7,a7          
,def9itions ,9 ?is p>agraph1 ! t]ms     
f9ancial in/itution1 freeze1 g>ni%1 &   
g>ni%m5t ord] h ! mean+s giv5 ! t]ms 9  
section #bab4c ( title #ca1 ,code (     
,f$]al ,regulations1 z 9 effect on !    
date ( enactm5t ( ?is ,act4  7,b7       
,prohibition ,no f9ancial in/itution may
 g>ni% or freeze any portion ( a refund 
made by any debtor by reason ( section  
#cg;,a ( ! ,int]nal ,rev5ue ,code (     
#aihf 7z add$ by subsection 7a77 or by  

reason ( p>agraph 7#a7 pursuant to a    
g>ni%m5t ord]4  7#g7 ,waiv] ( fees by   
insur$ depository in/itutions ,no insur$
 depository in/itution1 z def9$ 9       
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac71  
may impose a fee on a p]son = ca%+ any  
*eck = a refund payable "u section      
#cg;,a ( ! ,int]nal ,rev5ue ,code (     
#aihf 7z add$ by subsection 7a774  7#h7 
,public aw>5ess campaign ,rules simil>  
to ! rules ( subsection 7e7 ( section   
#bbja ( ! ,,c>es ,act %all apply = !    
purposes ( section #cg;,a ( su* ,code 7z
 add$ by subsection 7a774  7#i7         
,regulations ,! ,secret>y %all prescribe
 su* regulations or o!r guidance z may  
be necess>y to c>ry out ! purposes ( ?is
 section1 includ+ any su* measures are  
deem$ appropriate to avoid all[+        
duplicative paym5ts to a taxpay]4  7d7  
,con=m+ am5dm5ts  7#a7 ,section         
#fbaa7;b77#d77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by ins]t+ #cg;,a1
 aft] #cf;,b14  7#b7 ,section           

#fbac7;g77#b7 ( su* ,code is am5d$--    
7,a7 9 subp>agraph 7,f71 by ins]t+ or   
section #cg;,a aft] cr$it72  7,b7 9     
subp>agraph 7,g71 by ins]t+ or #cg;,a   
aft] section #cb2  7,c7 by am5d+        
subp>agraph 7,k7 to read z foll[s3  7,k7
 an omission ( in=mation requir$ by     
section #cb7k77#b7 or #cf7;e7 or an     
entry on ! return claim+-- 7i7 ! cr$it  
"u section #cb = a taxable ye> = :i* !  
cr$it is disall[$ "u subsection 7k77#a7 
!re(1 or  7ii7 ! cr$it "u section #cg;,a
 = a taxable ye> = :i* ! cr$it is       
disall[$ "u subsection 7d7 !re(1  2 &   
7,d7 9 subp>agraph 7,l71 by #cg;,a1 aft]
 #cb14  7#c7 ,! table ( sections =      
subp>t ,c ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( su* ,code is am5d$ by ins]t+ 
aft] ! item relat+ to section #cg !     
foll[+3  ,sec4 #cg;,a4 ,gu>ante$ income 
tax cr$it4  4  7#d7 ,! table ( sections 
= *apt] #gg ( su* ,code is am5d$ by     
ins]t+ aft] ! item relat+ to section    
#gebg;,a ! foll[+3  ,sec4 #gebg;,b4     
,advance paym5t ( gu>ante$ income tax   

cr$it4  4  7e7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to ! taxable ye>s beg9n+ aft] ,janu>y   
#a1 #bjbg4  ,,iii ,fed,accounts  #cja4  
,creation & integration ( ,fed,accounts 
7a7 ,def9itions ,9 ?is section3 7#a7    
,digital doll>s ,! t]m digital doll>s   
means doll> balances consi/+ ( digital  
l$g] entries record$ z liabilities 9 !  
acc\nts ( any ,f$]al ,res]ve bank4  7#b7
 ,fed,account ,! t]m ,fed,account means 
a p]sonal1 no-fee c5tral bank acc\nt    
support$ by a ,f$]al ,res]ve bank = any 
eligible individuals or on behalf ( any 
p]son = ! purpose ( hold+ digital doll> 
balances4  7#c7 ,memb] bank ,! t]m memb]
 bank means any national bank1 ,/ate    
bank1 or bank or tru/ company t is a    
memb] ( a ,f$]al ,res]ve bank4  7#d7    
,pass-?r\gh ,fed,account ,! t]m         
pass-?r\gh ,fed,account means a         
,fed,account ma9ta9$ by a memb] bank on 
behalf ( any p]son1 entitl+ t p]son to a
 pro rata %>e ( a pool$ res]ve balance t
 ! memb] bank ma9ta9s at any ,f$]al     

,res]ve bank4  7#e7 ,po/al retail       
facility ,! t]m po/al retail facility-- 
7,a7 means a po/ (fice1 po/ (fice bran*1
 po/ (fice classifi$ /ation1 or o!r     
facility t is op]at$ by ! ,po/al        
,s]vice1 ! prim>y function ( :i* is to  
provide retail po/al s]vices2 &  7,b7   
does n include a contractor-op]at$      
facility (f]+ po/al s]vices4  7#f7      
,po/al s]vice ,! t]m ,po/al ,s]vice     
means ! ,unit$ ,/ates ,po/al ,s]vice4   
7b7 ,au?ority & ,m&ate = ,f$]al ,res]ve 
,banks ,to ,e/abli% & ,ma9ta9           
,f$,acc\nts = ! ,g5]al ,public  7#a7    
,au?orization ,subject to re/rictions1  
limitations1 & regulations t may be     
impos$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em1 a ,f$]al ,res]ve bank  
%all ma9ta9 ,f$,acc\nts4  7#b7 ,m&ate ,n
 lat] ?an ,janu>y #a1 #bjbg1 a ,f$]al   
,res]ve bank %all make available        
,fed,accounts to-- 7,a7 resid5ts ( !    
,unit$ ,/ates2 &  7,b7 bus9esses        
domicil$ 9 ! ,unit$ ,/ates4  7#c7 ,t]ms 
( ,fed,accounts ,fed,accounts-- 7,a7    

%all n be subject to any acc\nt fees1   
m9imum balances1 or maximum balances1 & 
%all pay int]e/ at a rate n bel[ !      
great] ( ! rate ( int]e/ on requir$     
res]ves & ! rate ( int]e/ on excess     
res]ves2  7,b7 %all provide debit c>ds1 
onl9e acc\nt access1 automatic bill-pay1
 mobile bank+1 cu/om] s]vice & o!r su*  
s]vices z ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em det]m9es appropriate 9 !
 public int]e/1 provid$ t ,fed,accounts 
%all n include ov]draft cov]age2  7,c7  
%all provide access to automatic tell]  
ma*9es to be ma9ta9$ on behalf ( ! ,bo>d
 ( ,gov]nors ( ! ,po/al ,s]vice at po/al
 retail facilities2  7,d7 %all be br&$ 9
 all acc\nt /atem5ts1 m>ket+ mat]ials1 &
 o!r communications z ,fed,accounts     
ma9ta9$ by ! ,f$]al ,res]ve bank on     
behalf ( ! ,unit$ ,/ates ( ,am]ica2     
7,e7 may n be clos$ or re/rict$ on !    
basis ( pr(itability consid]ations2 &   
7,f7 %all provide acc\nt hold]s )       
reasonable protections aga9/ losses     
caus$ by fraud or security brea*es4     

7#d7 ,bank ,secrecy ,act ,9 e/abli%+ &  
ma9ta9+ ,fed,accounts1 ea* ,f$]al       
,res]ve %all comply )-- 7,a7 section #ba
 ( ! ,f$]al ,deposit ,insurance ,act    
7#ab ,u4,s4,c4 #ahbi;b72  7,b7 *apt] #b 
( title ,i ( ,public ,law #ia-ejh 7#ab  
,u4,s4,c4 #aiea et seq472 &  7,c7       
sub*apt] ,,ii ( *apt] #ec ( title #ca1  
,unit$ ,/ates ,code4  7#e7 ,privacy     
7,a7 ,fed,accounts ,section #eeb;a (    
title #e1 ,unit$ ,/ates ,code 7commonly 
kn[n z ! ,privacy ,act ( #aigd71 %all   
apply to ,f$,acc\nts4  7,b7 ,f$]al      
,res]ve banks ,! privacy obligations    
applicable to ea* ,f$]al ,res]ve bank & 
its employees1 includ+ ) respect to     
crim9al & civil p5alties1 %all mirror ^?
 applicable to ,f$]al tax returns "u    
sections #fajc1 #gbac7;a77#a71 #gbac;,a1
 & #gdca ( ! ,int]nal ,rev5ue ,code (   
#aihf4  7#f7 ,regulations ,! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve1 9         
consultation ) ! ,secret>y1 %all        
promulgate regulations 9 ord] to c>ry   
out ?is subsection4  7c7 ,au?ority &    

,m&ate = ,memb] ,banks1 ,/ate ,nonmemb] 
,banks & ,cr$it ,unions ,to ,(f] &      
,ma9ta9 ,pass-,?r\gh ,fed,accounts  7#a7
 ,obligations ( memb] banks  7,a7 ,9    
g5]al ,memb] banks %all op5 & ma9ta9    
pass-?r\gh ,fed,accounts = all int]e/$  
p]sons :o elect to deposit funds into   
pass-?r\gh ,fed,accounts1 includ+ p]sons
 eligible to receive gu>ante$ income tax
 cr$it paym5ts f ! ,unit$ ,/ates        
pursuant to section #cja ( ?is ,act4    
7,b7 ,ma9t5ance ( assets  7i7 ,9 g5]al  
,ea* memb] bank %all e/abli% & ma9ta9 a 
sep>ate legal entity = ! exclusive      
purpose ( hold+ all assets & ma9ta9+ all
 liabilities associat$ ) pass-?r\gh     
,f$,acc\nts4  7ii7 ,cont5ts ,! assets ( 
any entity describ$ 9 clause 7i7 %all   
consi/ exclusively ( a balance ma9ta9$ 9
 a ma/] acc\nt at a ,f$]al ,res]ve bank1
 & ! liabilities or obligations ( !     
entity %all consi/ exclusively ( an     
equal quantity ( balances ma9ta9$ by    
hold]s ( pass-?r\gh ,fed,accounts4      
7iii7 ,capital or liquidity regulation  

,! assets & liabilities ( any legal     
entity describ$ 9 clause 7i7 %all n be  
deem$ assets or liabilities ( ! memb]   
bank or its affiliates = ! purposes (   
any capital or liquidity regulation     
promulgat$ by ,f$]al or ,/ate bank+     
au?orities4  7iv7 ,onl9e application    
requirem5t = l>ge banks ,memb] banks )  
total consolidat$ assets great] ?an     
#aj1jjj1jjj1jjj %all promptly (f]       
application1 ?r\gh onl9e or telephonic  
means1 = pass-?r\gh ,fed,accounts4  7#b7
 ,t]ms ( pass-?r\gh ,fed,accounts       
,pass-?r\gh ,fed,accounts (f]$ by memb] 
banks-- 7,a7 %all n be subject to any   
acc\nt fees1 m9imum balances1 or maximum
 balances1 & %all pay int]e/ at a rate n
 bel[ ! great] ( ! rate ( int]e/ on     
requir$ res]ves & ! rate ( int]e/ on    
excess res]ves2  7,b7 %all provide      
functionality & s]vice levels no less   
favorable ?an ^? t ! memb] bank (f]s =  
its exi/+ transaction acc\nts1 includ+ )
 respect to debit c>ds1 automat$ tell]  
ma*9es1 onl9e acc\nt access1 automatic  

bill pay1 mobile bank+1 cu/om] s]vice & 
su* o!r s]vices z ! ,bo>d ( ,gov]nors ( 
! ,f$]al ,res]ve ,sy/em det]m9es        
appropriate 9 ! public int]e/1 provid$ t
 ,fed,accounts %all n include ov]draft  
cov]age2  7,c7 %all be prom95tly br&$ 9 
all acc\nt /atem5ts1 m>ket+ mat]ials1 & 
o!r communications z pass-?r\gh         
,f$,acc\nts ma9ta9$ by ! memb] bank on  
behalf ( ! ,f$]al ,res]ve2  7,d7 may n  
be clos$ or re/rict$ by ! bank on !     
basis ( pr(itability consid]ations2 &   
7,e7 %all provide acc\nt hold]s )       
reasonable protection aga9/ losses caus$
 by fraud or security brea*es4  7#c7    
,reimbursem5t = co/s at memb] banks     
7,a7 ,9 g5]al ,ea* memb] bank ) total   
consolidat$ assets ( n great] ?an       
#aj1jjj1jjj1jjj %all be reimburs$ ea*   
cal5d> qu>t] by ! relevant ,f$]al       
,res]ve bank = ! op]ational co/s incurr$
 by ! memb] bank 9 (f]+ pass-?r\gh      
,fed,accounts4  7,b7 ,regulations ,!    
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all promulgate su* regulations z

 necess>y to c>ry out ?is subsection4   
7#d7 ,obligations ( ,/ate nonmemb] banks
 & cr$it unions  7,a7 ,9 g5]al ,! ,f$]al
 ,res]ve banks %all p]mit ,/ate nonmemb]
 banks & cr$it unions to op5 ma/]       
acc\nts = ! exclusive purpose ( (f]+    
pass-?r\gh ,fed,accounts ) ! sep>ate    
entity /ructure describ$ 9 p>agraph     
7#a71 if ! pass-?r\gh ,fed,account      
complies ) ! t]ms set =? 9 p>agraph     
7#b74  7,b7 ,reimbursem5t ,ea* ,/ate    
nonmemb] bank or cr$it union elect+ to  
(f] pass-?r\gh ,fed,accounts %all be    
entitl$ to co/ reimbursem5t 9 accordance
 ) p>agraph 7#c74  7#e7 ,au?ority ( !   
bo>d ,memb] banks %all be subject to su*
 regulations & obligations z may be     
impos$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em 9 connection ) ma9ta9+  
pass-?r\gh ,fed,accounts4  7d7 ,limit$  
bran*es ,9 areas :]e access to physical 
memb] bank bran*es is limit$1 includ+ 9 
l[- or mod]ate-income geographies1      
designat$ disa/] areas1 di/ress$ or     
und]s]v$ non-metropolitan middle-income 

geographies1 z designat$ by ! ,f$]al    
,f9ancial ,in/itutions ,exam9ation      
,c\ncil1 ,f$]al ,res]ve banks may p>tn] 
) po/al retail facilities to ensure     
access & availability to application &  
acc\nt s]vices = all resid5ts & citiz5s 
( ! ,unit$ ,/ates & to bus9esses        
domicil$ 9 ! ,unit$ ,/ates4  7e7        
,coord9ation ( ,fed,accounts & po/al    
bank+ ,! ,bo>d ( ,gov]nors ( ! ,f$]al   
,res]ve ,sy/em1 aft] consultation ) !   
,po/]ma/] ,g5]al1 %all "w to improve    
public bank+ options to all individuals1
 & specifically mak+ sure t paym5ts f ! 
gu>ante$ income tax cr$it are able to   
rea* ! mo/ p 9 a timely mann] by exp&+  
su* f9ancial s]vices to ! unbank$ &     
und]bank$4  7f7 ,annual report+ ,!      
,comptroll] ,g5]al ( ! ,unit$ ,/ates1 9 
consultation ) ! ,secret>y1 %all submit 
to ,congress an annual report t includes
 ! demographics1 numb] ( p>ticipants1 & 
av]age balances & uses = all ! new      
products & s]vices e/abli%$ "u ?is      
section4