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1 1 (March 26, 2020)

handle is hein.crs/goveawx0001 and id is 1 raw text is: SCongressional & Research Service COVID-19 and Stimulus Payments to Individuals: Summary of the 2020 Recovery Rebates in H.R. 748 March 26, 2020 H.R. 748, which passed in the Senate on March 25, 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 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. 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. The total proposed credit phases out at a rate of 5% of adjusted gross income (AGI) above $75,000 ($112,500 for head of household filers and $150,000 for married joint returns). An illustration of the amount of the rebate by income level is provided in the figure below. Congressional Research Service https://crsreports. congress.gov IN11282 CRS INSIGHT Prepared for Members and Committees of Congress

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