This Act may be cited as the EITC Lookback Act.

(a) In general Section 32 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (o) Lookback If the earned income of the taxpayer for the taxable year is less than the earned income of the taxpayer for the preceding taxable year, the credit allowed under subsection (a) may, at the election of the taxpayer, be determined by substituting— (1) such earned income for the preceding taxable year, for (2) such earned income for the taxable year.. (b) Effective date The amendment made by this section shall apply to determinations made with respect to taxable years beginning after December 31, 2024.