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1 1 (February 17, 2021)

handle is hein.crs/govecfy0001 and id is 1 raw text is: SCongressional Research Service COVID-19 and Direct Payments: Frequently Asked Questions (FAQs) About the Proposed Third Round of Stimulus Checks in House Reconciliation Legislation February 17, 2021 Congress is considering a third round of direct payments to address the continued economic fallout from the Coronavirus Disease 2019 (COVID-19) pandemic. Afirst round was included in the CARES Act (PL. 116-136). Asecond round was included in the Consolidated Appropriations Act, 2021 (PL. 116-260). This Insight provides a brief overview of the proposed third round of payments-often referred to as stimulus checks-that were included in economic security legislation submitted in response to the reconciliation directives included in the budget resolution (S.Con.Res. 5). Acomparison of major provisions of the first, second, and proposed third round of payments can be found here. How much are the proposed payments? Households would generally be issued a single payment based on the household's income and size. Specifically, the payment would equal $1,400 per eligible individual ($2,800 for most married couples) plus an additional $1,400 for each dependent as defined for tax purposes. The definition of dependent would include older children and adult dependents. Households who reported income under $75,000 if single, $112,500 if single with dependents, or $150,000 for most married couples would generally be eligible for the maximum amount of the payment. In most cases, for the purposes of these payments, a household would be all the individuals listed on an income tax return. How would the payments phase out? The maximum payment amount would phase out over a range of income: $75,000-$100,000 if single, $112,500-$150,000 if single with dependents, or $150,000-$200,000 for most married couples. The payment would be phased down proportionally (or ratably) in relation to income in the phaseout range. For example, if a married couple with two children had $175,000 of income, which is the midpoint of the phaseout range (50%), the payment would be reduced by 50%, and thus equal $2,800. If the same family instead had income of $187,500 (75% of the phaseout range), the payment would be reduced by 75%, and Congressional Research Service https://crsreports.congress.gov IN11604 CRS INSIGHT Prepared for Membersand Committeesof Congress

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