Second Stimulus Check and Stimulus Package Update

Описание: Second stimulus check and stimulus package update for September 30th. The negotiations continue with House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.

House Speaker Nancy Pelosi has outlined on her website that a family of 4 could receive up to $3,400 in stimulus checks. The breakdown is $2,400 for Married Filing Jointly with two dependents. Each dependent could receive $500 including adult dependents and full time students under the age of 24.

Provides a $1,200 refundable tax credit ($2,400 for joint filers) for each family member that shall be paid out in advance payments, similar to the Economic Impact Payments in the CARES Act, with certain modifications. First, unlike under the CARES Act, all dependents are eligible for the $500 dependent amount. This allows households with dependents who are full-time students below age 24 and adult dependents to also receive the $500 amount. Second, this section allows Economic Impact Payments to be made to an individual who provides a Taxpayer Identification Number, rather than a Social Security Number. Third, these payments are exempt from reduction or offset with respect to past-due child support. Finally, payments of the credit are protected from any form of transfer, assignment, execution, levy, attachment, garnishment, legal process, bankruptcy or insolvency law, and any other means of capture prohibited for payments made under Title II of the Social Security Act.

Treasury shall issue this credit as an advance payment based on the information on 2018 or 2019 tax returns. Treasury shall issue advance payments for Social Security Old-Age, Survivors, and Disability Insurance beneficiaries, Supplemental Security Income recipients, Railroad Retirement Board beneficiaries, and Veterans Administration beneficiaries who did not file returns for 2018 or 2019 based on information provided by the Social Security Administration, the Railroad Retirement Board, and the Veterans Administration. Treasury shall conduct outreach to non-filers to inform them of how to file for their advance payment.

Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on 2020 information will not be required to repay any amount of the payment to the Treasury. If the credit based on 2020 information exceeds the amount of the advance payment, taxpayers can claim the difference on their 2020 tax returns.

Additionally, Treasury is instructed to make payments to the territories that relate to the cost of providing the credits for each territory.

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