I thank the Senator for his inquiry and can clarify that the Senator is correct that the current-law limitations that generally apply to tax credits under section 38 would not reduce the amount of credits eligible for transfer by the transferor of transferable tax credits under the bill and that the Treasury Department should issue technical guidance that reflects this intent.
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The White House should make MITRE’s findings public as soon as possible.
This interpretation is wildly inconsistent with the longstanding treatment of other provisions that use identical or near-identical language.
These unsung heroes deserve recognition for their tireless efforts to keep our communities safe and healthy, and I’m honored to be leading this effort in Congress.
The proposed rule is clear regulatory overreach that would have disastrous impacts for lawfully present immigrants and their families who are legally eligible for refundable tax credits.
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