WRCR Act of 2023

The WRCR Act of 2023 would expand the Earned Income Tax Credit (EITC) to include more low-income workers and students, lowering the minimum age requirement from 25 to 18 and allowing students receiving Federal Pell Grants or meeting specific income requirements to qualify. It would create a new program for monthly advance payments of the credit instead of a single annual payment, with taxpayers needing to report changes in circumstances to avoid overpayment. The bill also modifies income thresholds and credit percentages to increase access for more workers, with these changes taking effect for tax years beginning after December 31, 2022.