S.3516 - Emergency Family Relief Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Hawley, Josh [R-MO] (Introduced 03/18/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/18/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.3516 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/18/2020)
Emergency Family Relief Act of 2020
This bill allows a new refundable tax credit for emergency family relief payments in response to COVID-19 (i.e., the coronavirus disease 2019).
Specifically, the Department of the Treasury must establish a program for making emergency family relief credit payments on a monthly basis for the period prior to January 1, 2021, without respect to tax liability, for taxpayers with dependent children equal to $1,288 for a two-person household, $1,446 for a three-person household, and $1,786 for a four-person household. For households larger that four persons, the credit amount is $1,786, plus $420 for each additional household member. These credits amounts are phased out for a taxpayer with a modified adjusted gross income exceeding $50,000 ($100,000 for a joint return).