ABSTRACT

COVID-19 and Direct Payments to Individuals: Summary of the 2020 Recovery Rebates/Economic Impact Payments in the CARES Act (P.L. 116-136) [Updated April 2, 2020]   [open pdf - 742KB]

From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), which was signed into law by President Trump on March 27, 2020, includes direct payments to individuals--referred to as '2020 recovery rebates' in the law. The Internal Revenue Service (IRS) refers to the payments issued this year--2020--as economic impact payments. This Insight provides a brief overview of these direct payments. (These payments are virtually identical to those included in bill text circulated on March 22, 2020.) The 2020 recovery rebates equal $1,200 per person ($2,400 for married taxpayers filing a joint tax return) and $500 per child. These amounts 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 will be received as a direct deposit or check by mail. If a 2019 return has not been filed, rebates will be advanced automatically based on 2018 return information."

Report Number:
CRS Insight, IN11282
Author:
Publisher:
Date:
2020-04-02
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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