Beginning 2011 the advance payment option for the earned income credit will no longer be available. This option allowed individuals who were eligible for the credit to receive it as part of their paychecks instead of waiting to file their tax return and receive it as a refund. Few taxpayers took advantage of the option, and Congress decided to eliminate it as part of the legislation providing assistance to cash-strapped state and local governments.
The legislation contains other tax provisions, but these are mainly of interest to multinational corporations that will see new restrictions on their ability to claim the foreign tax credit.
