Low-Income Taxpayer Clinic Modernization Act of 2024

Section 7526(c) of such Code is amended by striking paragraph (2) and redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively.

Section 7526(c)(4) of such section, as redesignated by subsection (a), is amended to read as follows:

A low-income taxpayer clinic must provide the applicable amount of matching funds for all grants provided under this section. Matching funds may include—

(i) the salary (including fringe benefits) of individuals performing services for the clinic, and

(ii) the cost of equipment used in the clinic.

Indirect expenses, including general overhead of the institution sponsoring the clinic, shall not be counted as matching funds for the purposes of this paragraph.

For purposes of subparagraph (A), the term applicable amount means—

(i) 100 percent of the grant issued under this section, or

(ii) in a case in which the Secretary determines that a lower matching contribution will expand services to more taxpayers, an amount determined to be appropriate by the Secretary that is not less than 25 percent of the grant issued under this section.

The amendments made by this section shall apply to grants issued after the date of the enactment of this Act.