Keep Your Pay Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Keep Your Pay Act increases the standard deduction and temporarily raises income tax rates for the highest earners. It also extends certain earned income credit rules, establishes a refundable child tax credit with monthly advance payments, and allows taxpayers to use prior year’s earned income if their current income is lower. The bill aims to provide financial relief to taxpayers and families by increasing their disposable income and providing support for children.
Key provisions
- Increases the standard deduction for 2026 and 2025, with specific dollar amounts.
- Temporarily increases income tax rates for taxpayers with the highest incomes.
- Extends the earned income credit rules for individuals without qualifying children.
- Establishes a refundable child tax credit with monthly advance payments.
- Allows taxpayers to use their prior year’s earned income if their current income is lower.
- Creates a monthly specified child allowance for eligible children.
- Modifies the eligibility criteria for the earned income credit, including removing age restrictions and expanding coverage to certain foster youth.
- Establishes a system for distributing funds to Puerto Rico, American Samoa, and the Northern Mariana Islands to offset potential revenue losses.
Who is affected
- Taxpayers
- Families with children
- Individuals with low to moderate incomes
Bill text
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Sponsors
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1 on record
Primary sponsor
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