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H.R. 463: Lower Your Taxes Act

119th Congress · introduced 2025-01-15 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

What does this mean?

Official title

Lower Your Taxes Act

Plain summary

Lower Your Taxes Act This bill increases the earned income tax credit (EITC), replaces the child tax credit with an allowance, establishes a new dependent tax credit, limits the capital gains tax rates, and increases taxes on corporations. The bill increases the EITC amount, lowers the EITC eligibility age to 18 years (from 25 years) and eliminates the maximum age limit, increases the EITC phaseout amount for joint filers to twice that of single filers, and requires the Internal Revenue Service (IRS) to notify individuals of their EITC eligibility. The bill requires the IRS to create a program for paying individuals certain amounts related to the nonrefundable portion of state EITC amounts. The bill replaces the child tax credit with a monthly allowance of up to $350 per child depending on the child’s age (subject to income limitations and adjustments for inflation) and requires the IRS to send the allowance to individuals monthly. The bill establishes a tax credit of $500 for each qualified dependent (subject to income limitations). Further, the bill increases the corporate income tax rate to 28% (from 21%), increases the excise tax on corporate stock buybacks to 4% (from 1%), and creates a new 25% corporate alternative minimum tax bracket applicable to adjusted financial statement income exceeding $5 billion. Finally, the bill precludes individuals with taxable income exceeding $1 million ($500,000 for married individuals filing separately) from applying the capital gains tax rates to net capital gains and requires the limits to be adjusted for inflation.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Lower Your Taxes Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Sykes, Emilia Strong [D-OH-13] · 3 cosponsors

Money: No cost estimate published yet. No linked contracts or vendors yet.

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Capital gains
The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr463 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills