Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Grow American Incomes Now Act of
2017'' or the ''GAIN Act of 2017''.

SEC. 2. MODIFICATION OF EARNED INCOME TAX CREDIT.

(a) In General.--
(1) Increase in credit percentage.--The table in section
32(b)(1) of the Internal Revenue Code of 1986 is amended--
(A) by striking ''7.65'' in the second column
(relating to credit percentage) and inserting ''30'';
(B) by striking ''7.65'' in the third column
(relating to phaseout percentage) and inserting
''15.98'';
(C) by striking ''34'' and inserting ''65.28'';
(D) by striking ''40'' and inserting ''76.80''; and
(E) by striking ''45'' and inserting ''86.40''.
(2) Earned income amount and phaseout amount.--
(A) In general.--Subparagraph (A) of section
32(b)(2) of such Code is amended by striking ''Subject
to subparagraph (B), the earned income amount and the
phaseout amount'' and inserting ''Subject to
subparagraph (B)--
''(i) Phaseout amount.--The phaseout amount
is $18,340.
''(ii) Earned income amount.--The earned
income amount''.
(B) Credit phase-in ends.--Section 32(b)(2)(A)(ii)
of such Code, as amended by subparagraph (A), is
further amended by striking the table and inserting the
following:

''In the case of an The earned income
eligible individual with: amount is:
1 qualifying child................................. $10,000
2 or more qualifying children...................... $14,040
No qualifying children............................. $10,000.''.
(b) Eligibility Age.--Subclause (II) of section 32(c)(1)(A)(ii) of
the Internal Revenue Code of 1986 is amended by striking ''25'' and
inserting ''21''.
(c) Conforming and Technical Amendment.--Paragraph (1) of section
32(j) of the Internal Revenue Code of 1986 is amended to read as
follows:
''(1) In general.--In the case of any taxable year
beginning after 2016, each of the dollar amounts in subsections
(b)(2) and (i)(1) shall be increased by an amount equal to--
''(A) such dollar amount, multiplied by
''(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined--
''(i) in the case of amounts in subsection
(b)(2)(A), by substituting 'calendar year 2016'
for 'calendar year 1992' in subparagraph (B)
thereof, and
''(ii) in the case of amounts in subsection
(i)(1), by substituting 'calendar year 1995'
for 'calendar year 1992' in subparagraph (B)
thereof.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2016.

SEC. 3. ADVANCE PAYMENT OF EARNED INCOME CREDIT.

(a) In General.--Chapter 25 of subtitle C of the Internal Revenue
Code of 1986 is amended by inserting after section 3506 the following
new section:

''SEC. 3507. ADVANCE PAYMENT OF EARNED INCOME CREDIT.

''(a) Advance Payment.--
''(1) In general.--An employer making payment of wages to
an employee with respect to whom an eligibility certificate is
in effect shall, at the time of paying such wages for the
payroll period elected by the employee under paragraph (2),
make an additional lump sum payment to such employee equal to
the earned income advance amount (except as provided in
subsection (b)(1)(C)(ii)) of such employee.
''(2) Payments available after 6 months of employment
during calendar year.--For purposes of paragraph (1), an
employee with respect to whom an eligibility certificate is in
effect for the calendar year may elect to receive the earned
income advance amount at the same time as wages for any payroll
period which begins after the employee has been paid wages by
the employer for a period of not less than 6 months during such
calendar year.
''(b) Eligibility Certificate.--
''(1) In general.--For purposes of this section, an
eligibility certificate is a statement submitted by an employee
to the employer which--
''(A) certifies that the employee is eligible to
receive the credit provided by section 32 for the
taxable year,
''(B) certifies that the employee does not have an
eligibility certificate in effect for the calendar year
with respect to the payment of wages by another
employer, and
''(C) certifies that--
''(i) an eligibility certificate has not
been in effect for the spouse of the employee
on any date during the calendar year, or
''(ii) such a certificate is in effect for
the spouse of the employee, and the employee is
eligible to receive only /2\ the earned
income advance amount otherwise determined with
respect to the employee.
''(2) Employer not responsible for verification.--For
purposes of this section, an employer shall not--
''(A) be required to verify any certification made
by an employee in the statement described in paragraph
(1), or
''(B) be held liable for any false claims or
statements made by an employee in regards to such
statement.
''(c) Earned Income Advance Amount.--
''(1) Determination of amount.--
''(A) In general.--Subject to subparagraph (B), the
term 'earned income advance amount' means, with respect
to any payroll period, the amount determined--
''(i) on the basis of the wages of the
employee from the employer during such calendar
year through such payroll period, and
''(ii) in accordance with tables issued by
the Secretary.
''(B) Limitation.--For each calendar year, except
as provided in subparagraph (C), the earned income
advance amount shall not exceed $500.
''(C) Adjustment for inflation.--
''(i) In general.--In the case of any
taxable year beginning after 2019, the $500
amount in subparagraph (B) shall be increased
by an amount equal to--
''(I) such dollar amount,
multiplied by
''(II) the cost-of-living
adjustment determined under section
1(f)(3) for the calendar year in which
the taxable year begins determined by
substituting 'calendar year 2018' for
'calendar year 1992' in subparagraph
(B) thereof.
''(ii) Rounding.--If any increase
determined under paragraph (1) is not a
multiple of $10, such increase shall be rounded
to the nearest multiple of $10.
''(2) Armed forces.--In the case of an employee who is a
member of the Armed Forces of the United States, the earned
income advance amount shall be determined by taking into
account the total wages of such employee, as determined for
purposes of section 32.
''(3) Advance amount tables.--For purposes of paragraph
(1)(A)(ii), the tables issued by the Secretary shall be similar
in form to the tables issued under section 3402 and, to the
extent feasible, coordinated with such tables.
''(d) Payments To Be Treated as Payments of Withholding and FICA
Taxes.--
''(1) In general.--Payments made by an employer under
subsection (a) to an employee--
''(A) shall not be treated as payment of
compensation, and
''(B) shall be treated as made out of--
''(i) amounts required to be deducted and
withheld for the payroll period under section
3401,
''(ii) amounts required to be deducted for
the payroll period under section 3102, and
''(iii) amounts of the taxes imposed for
the payroll period under section 3111,
as if the employer had paid to the Secretary, on the
day on which the wages are paid to the employee, an
amount equal to such payments.
''(2) Advance payments exceed taxes due.--In the case of
any employer, if for any payroll period the aggregate amount of
earned income advance payments exceeds the sum of the amounts
referred to in paragraph (1)(B), the employer shall pay only so
much of such earned income advance payment as does not exceed
such sum, and shall not make any further advance payments to
the employee for the calendar year.
''(3) Failure to make advance payments.--Failure to make
any payment of an earned income advance amount as required
under this section shall be treated as the failure at such time
to deduct and withhold under chapter 24 an amount equal to the
earned income advance amount.
''(e) Submission of Certificate.--
''(1) Effective period.--An eligibility certificate
submitted to an employer at any time during the calendar year
shall continue in effect with respect to the employee during
such calendar year until revoked by the employee or until
another such certificate takes effect under this section.
''(2) Requirement to revoke certificate.--In the case of an
employee who has submitted an eligibility certificate under
this section and subsequently becomes ineligible for the credit
provided under section 32 for the taxable year, the employee
shall, not later than 10 days after becoming ineligible for
such credit, submit to the employer a revocation of such
certificate.
''(3) Form and contents of certificate.--Eligibility
certificates shall be in such form and contain such other
information as the Secretary may by regulations prescribe.
''(f) Taxpayers Making Prior Fraudulent or Reckless Claims.--
''(1) In general.--No earned income advance amount shall be
paid under this section for any taxable year in the
disallowance period.
''(2) Disallowance period.--For purposes of paragraph (1),
the disallowance period is--
''(A) the period of 10 taxable years after the most
recent taxable year for which there was a final
determination that the taxpayer's claim of an earned
income advance amount under this section was due to
fraud, and
''(B) the period of 2 taxable years after the most
recent taxable year for which there was a final
determination that the taxpayer's claim of an earned
income advance amount under this section was due to
reckless or intentional disregard of rules and
regulations (but not due to fraud).
''(g) Taxable Year.--The term 'taxable year' means the last taxable
year of the employee under subtitle A beginning in the calendar year in
which the wages are paid.
''(h) IRS Notification.--The Internal Revenue Service shall take
such steps as may be appropriate to ensure that taxpayers who receive a
refund of the credit under section 32 are aware of the availability of
earned income advance amounts under this section.''.
(b) Coordination With Advance Payments.--Section 32 of the Internal
Revenue Code of 1986 is amended by inserting after subsection (f) the
following new subsection:
''(g) Coordination With Advance Payments of Earned Income Credit.--
''(1) Recapture of advance payments.--If any payment is
made to the individual by an employer under section 3507 during
any calendar year, then the tax imposed by this chapter for the
individual's last taxable year beginning in such calendar year
shall be increased by the aggregate amount of such payments.
''(2) Reconciliation of payments advanced and credit
allowed.--Any increase in tax under paragraph (1) shall not be
treated as tax imposed by this chapter for purposes of
determining the amount of any credit (other than the credit
allowed by subsection (a)) allowable under this part.''.
(c) Filing Requirement.--Section 6012(a) of the Internal Revenue
Code of 1986 is amended by inserting after paragraph (8) the following
new paragraph:
''(9) Every individual who receives payments during the
calendar year in which the taxable year begins under section
3507.''.
(d) Receipts for Employees.--Section 6051(a) of the Internal
Revenue Code of 1986 is amended by inserting after paragraph (6) the
following new paragraph:
''(7) the total amount paid to the employee under section
3507 (relating to advance payment of earned income credit),''.
(e) Clerical Amendment.--The table of sections for chapter 25 of
subtitle C of the Internal Revenue Code of 1986 is amended by inserting
after the item relating to section 3506 the following new item:

''Sec. 3507. Advance payment of earned income credit.''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date which is 1 year after
the date of the enactment of this Act.
A:
Grow American Incomes Now Act of 2017 or the GAIN Act This bill amends the Internal Revenue Code, with respect to the earned income tax credit (EITC), to: (1) increase specified credit and phaseout percentages, (2) increase the earned income amounts and the phaseout amounts, (3) decrease from 25 to 21 the minimum eligibility age for individuals without qualifying children, and (4) allow employees to elect to receive advance payments of the EITC from employers when wages are paid.