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1 1 (March 23, 2020)

handle is hein.crs/govcawq0001 and id is 1 raw text is: Researh Sevice COVID-19 and Stimulus Payments to Individuals: Summary of the 2020 Recovery Rebates in the March 22 CARES Act March 23, 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act, circulated on Sunday, March 22, 2020, proposes direct payments intended to broadly stimulate the economy in response to concerns about an economic slowdown stemming from the COVID- 19 pandemic. This Insight provides a brief overview of the proposed 2020 recovery rebates included in the March 22 legislation, which differ from those introduced on March 19. The proposed 2020 recovery rebates equal $1,200 per person ($2,400 for married taxpayers filing a joint tax return) and $500 per child. These amounts would phase down for higher-income taxpayers. These payments are structured as tax credits automatically advanced to households in 2020 if theyfiled a 2019 income tax return and would be received as a direct deposit or check by mail. If a 2019 return had not been filed, rebates would be advanced automatically based on 2018 return information. Seniors who did not file an income tax return would have the credit automatically advanced in 2020 based on their 2019 Social Security benefit statement. Credit Amount The proposed credit equals S 1,200 per person ($2,400 for married joint filers) for eligible individuals. Generally, an eligible individual is any individual excluding (1) nonresident aiiens, (2) individuals who can be claimed as a dependent by another taxpayer, and (3) an estate or trust. Individuals eligible for the credit would receive an additional $500 for each child that qualifies for the child tax credit. The total proposed credit phases out at a rate of 5% of adjusted gross income (AGI) above $75,000 (S112,500 for head of household filers and S150,000 for married joint returns). An illustration of the amount of the rebate by income level is provided in Figure 1 below. Congressional Research Service https://crsreports.congress.gov IN11268 CRS }NStGHT Prepaed for Membeivs and cornm ittees o4 Cor~qress ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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