Bessent announces Treasury and IRS proposed regulations clarifying refundable tax credits are federal public benefits under PRWORA.
“The Treasury and IRS proposed regulations to strengthen enforcement of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) by clarifying that the refunded portion of certain refundable individual income tax credits are federal public benefits”
Bessent specifies the regulations apply to four tax credits: adoption, child, American opportunity, and earned income.
“The proposed regulations apply PRWORA to four individual income tax credits: the adoption tax credit, the child tax credit, the American opportunity tax credit, and the earned income tax credit.”
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