summary
Introduced
12/10/2020
12/10/2020
In Committee
12/10/2020
12/10/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Allows individual taxpayers an additional 2020 recovery rebate in the form of a refundable income tax credit in the amount of $1,200 ($2,400 for joint returns). An additional $500 rebate is provided to each qualifying child of the taxpayer. A recovery rebate is a one-time stimulus payment made to eligible taxpayers in response to the COVID-19 (i.e., coronavirus disease 2019) public health emergency. The amount of the recovery rebate is reduced by a specified percentage of the amount an individual's adjusted gross income exceeds $75,000 ($150,000 for joint returns). Individual taxpayers and their children must have a valid identification number (i.e., Social Security account number) to claim a rebate. The Department of the Treasury must conduct a public awareness campaign to inform taxpayers of the availability of the rebate.
AI Summary
This bill provides additional recovery rebates to individuals in response to the COVID-19 public health emergency. It allows individual taxpayers an additional $1,200 recovery rebate ($2,400 for joint returns) in the form of a refundable income tax credit, plus $500 per qualifying child. The rebate amount is gradually reduced for individuals with adjusted gross incomes above $75,000 ($150,000 for joint returns). The bill also requires the Treasury Department to conduct a public awareness campaign to inform taxpayers of the availability of the rebate.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 12/10/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4999/all-info |
| BillText | https://www.congress.gov/116/bills/s4999/BILLS-116s4999is.pdf |
| Bill | https://www.congress.gov/116/bills/s4999/BILLS-116s4999is.pdf.pdf |
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