To provide additional protections for recipients of the earned income tax credit.
Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the Federal Government.
Prohibits: (1) the collection of a debt from a debtor's Federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.
Terminates the Department of Treasury Debt Indicator Program.
Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met.
Allows earned income tax credit benefits to be paid through electronic transfer accounts.
Directs the Secretary of the Treasury to: (1) develop and implement a program to encourage the greater use of the advance earned income tax credit; and (2) enter into cooperative agreements with federally insured depository institutions to provide low- and moderate-income taxpayers with the option of establishing low-cost direct deposit accounts using appropriate tax forms.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10849-10850)
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Financial Institutions and Consumer Credit, for a period to be subsequently determined by the Chairman.
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