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1 1 (March 27, 2020)

handle is hein.crs/goveaww0001 and id is 1 raw text is: Congressional *.Research Service COVID-19 and Direct Payments to Individuals: Summary of the 2020 Recovery Rebates in H.R. 748 Updated March 27, 2020 H.R. 748, which passed in the Senate on March 25, proposes direct payments to individuals-referred to as 2020 recovery rebates. This Insight provides a brief overview of the proposed 2020 recovery rebates included in H.R. 748. These payments are virtually identical to those included in bill text circulated on March 22, 2020. 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 they filed 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. Social Security and Railroad Retirement recipients who did not file an income tax return would have the credit automatically advanced in 2020 based on information on their 2019 Social Security or Railroad Retirement Benefit Statement. Otherwise eligible individuals who did not file a 2019 or 2018 income tax return and did not receive a 2019 Social Security or Railroad Retirement benefit statement would generally not receive the benefit in 2020. In order to receive the benefit in 2020, these individuals would need to file a 2019 income tax return. Alternatively, they could file and claim this benefit on their 2020 tax return next year. Credit Amount The proposed credit equals $1,200 per person ($2,400 for married joint filers) for eligible individuals. Generally, an eligible individual is any individual excluding (1) nonresident aliens, (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-generally a taxpayer's dependent child that is aged 16 or younger. Congressional Research Service https://crsreports. congress.gov IN11282 CRS INSIGHT Prepared for Members and Committees of Congress

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