WASHINGTON, July 28 -- Sen. Michael Bennet issued the following press release:
Colorado U.S. Senator Michael Bennet and Senator Bill Cassidy (R-La.), members of the Senate Finance Committee, introduced legislation to automatically refund a taxpayer's Earned Income Tax Credit (EITC) if their account has been designated as currently not-collectible (CNC) - a temporary relief option that stops tax collection for taxpayers able to prove economic hardship.
Existing law allows certain taxpayers to apply for an Offset Bypass Refund (OBR), which allows the IRS, in limited situations, to issue refunds that would otherwise be deducted from past federal income tax liability. Individuals whose accounts have already been designated as CNC are also el...