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1 1 (March 24, 2020)

handle is hein.crs/govctyq0001 and id is 1 raw text is: Researh Sevice COVID-19 and Direct Payments to Individuals: Summary of the 2020 Economic Assistance Payments in H.R. 6379, the Take Responsibility for Workers and Families Act March 24, 2020 The Take Responsibility for Workers and Families Act (H.R. 6379), introduced in the House on Monday, March 23, 2020, proposes direct payments to individuals and families-referred to as 2020 economic assistance payments to individuals. This Insight provides a brief overview of these proposed payments. Generally, for individuals and families that filed an income tax return, the economic assistance payment would be an advanced refundable tax credit that they would automatically receive in 2020 as a direct deposit or check by mail. Most recipients of Social Security or Supplemental Security Income (SSI) would be eligible to receive a special S 1,500 payment automatically in 2020 without needing to file a federal income tax return. Other individuals would generally not receive the payments in 2020. Instead, they could claim the benefit as a refundable tax credit when they file their 2020 income tax return next year. Credit Amount for Tax Filers Individuals and families that file federal income tax returns would generally be eligible for economic assistance payments, structured as refundable tax credits against 2020 income taxes. To expedite and automate the delivery of these credits, the Internal Revenue Service (IRS) would estimate payment amounts based on prior year tax return data and automatically send that amount to tax filers in 2020. Tax filers would receive the payment as a direct deposit or as a check by mail. Eligible individuals would receive a credit equal to S 1,500 per person ($3,000 for married taxpayers filing jointly). Generally, an eligible individual would be any individual except (1) nonresident aliens, (2) individuals who could be claimed as a dependent by another taxpayer, and (3) an estate or trust. Taxpayers would also receive S 1,500 for each child that qualifies for the child tax credit, up to three children. Hence, the largest credit amount would be $7,500 for a married couple with three or more children. Congressional Research Service https://crsreports.congress.gov IN11294 CRS INSIGHT Prepard for Membeivs and Cornm ittees o4 Corq ess --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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