United States 119th Congress Status: In Committee 4 D cosponsors

HR 463 — Lower Your Taxes Act

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced January 15, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 22% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 4 sponsors

    1 primary, 3 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (4 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill addresses an unspecified issue related to taxes and fiscal policy.

This bill has been introduced in the House and is currently under review by the Committee on Ways and Means. The specifics of its provisions are not detailed.

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 billincreases 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 billincreases the corporate income tax rate to 28% (from 21%),increases the excise tax on corporate stock buybacks to 4% (from 1%), andcreates 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.

Bill Text

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 543 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (543)

543 members have not signed on to this bill.

Show all 543 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 463 do?
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 billincreases 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 billincreases the corporate income tax rate to 28% (from 21%),increases the excise tax on corporate stock buybacks to 4% (from 1%), andcreates 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.
Who sponsors HR 463?
HR 463 is sponsored by Sykes, Emilia Strong (Democratic), Mfume, Kweisi (Democratic), Turner, Sylvester (Democratic), and Underwood, Lauren (Democratic).
What is the current status of HR 463?
This bill is in committee in the House. Introduced January 15, 2025. It must pass committee before a floor vote.
Where can I track HR 463?
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