(A) 
POSSESSION
OF
THE
UNITED 
STATES.—For purposes of this subsection, the 
term ‘‘possession of the United States’’ includes 
the Commonwealth of Puerto Rico and the 
Commonwealth of the North Mariana Islands. 
(B) MIRROR CODE TAX SYSTEM.—For pur-
poses of this subsection, the term ‘‘mirror code 
system’’ means, with respect to any possession 
in the United States, the income tax system of 
such possession if the income tax lability of the 
residents of such possession under such system 
is determined by reference to the income tax 
laws of the United States as if such possession 
were the United States. 
(C) TREATMENT OF PAYMENTS.—For pur-
poses of section 1324(b)(2) of title 31, United 
States Code, the payments under this sub-
section shall be treated in the same manner as 
a refund due from the credit allowed under sec-
tion 6428 of the Internal Revenue Code of 1986 
(as amended by this section). 
(c) REFUNDS DISREGARDED IN THE ADMINISTRA-
TION
OF FEDERAL PROGRAMS
AND FEDERALLY AS-
SISTED PROGRAMS.—Any credit or refund allowed or 
made to any individual by reason of section 6248 of the 
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Internal Revenue Code of 1986 (as amended by this sec-
tion) or by reason of subsection (c) of this section shall 
not be taken into account as resources for the enacted 
month and the following months until funds are formally 
halted by decree from the Departments of the Treasury 
and the Health and Human Services, for purposes of de-
termining eligibility of such individual or any other indi-
vidual for benefits or assistance, under any Federal pro-
gram or under any State or local program financed in 
whole or in part with Federal funds. 
(d) APPROPRIATIONS TO CARRY OUT REBATES.— 
(1) IN GENERAL.—Immediately upon the enact-
ment of this Act, the following sums are appro-
priated, out of any money in the Treasury not other-
wise appropriated, for the fiscal year ending Sep-
tember 30, 2020. 
(A) DEPARTMENT OF THE TREASURY.— 
(i) For an additional amount for ‘‘De-
partment of the Treasury—Financial Man-
agement Service—Salaries and Expenses’’, 
$76,370,000, to remain available until 
September 30, 2021. 
(ii) For an additional amount for 
‘‘Department of the Treasury—Internal 
Revenue Service—Operations Support’’, 
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$180,185,000, to remain available until 
September 30, 2021. 
(iii) For an additional amount for 
‘‘Department of the Treasury—Internal 
Revenue 
Service—Taxpayer 
Services’’, 
$65,300,000, to remain available until 
September 30, 2021. 
(B) SOCIAL SECURITY ADMINISTRATION.— 
For an additional amount for ‘‘Social Security 
Administration—Limitation on Administrative 
Expenses’’, $39,000,000, to remain available 
until September 30, 2021. 
(2) REPORTS.—No later than 15 days after en-
actment of this Act, the Secretary of the Treasury 
shall submit a plan to the Committees on Appropria-
tions of the House of Representatives and the Sen-
ate detailing the expected use of the funds provided 
by paragraph (1)(A). Beginning 90 days after enact-
ment of this Act, the Secretary of the Treasury shall 
submit a quarterly report to the Committees on Ap-
propriations of the House of Representatives and the 
Senate detailing the actual expenditure of funds pro-
vided in paragraph (1)(A) and the expected expendi-
ture of such funds in the subsequent quarter. 
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SEC. 4. ADDITIONAL APPLICATION PROCESSES. 
The Secretary of the Treasury shall establish an ex-
pedited process by which individuals may provide nec-
essary information to apply for and streamline access to 
temporary payments for universal emergency rebates out-
side the annual tax return process utilizing— 
(1) information from the beneficiary’s most re-
cent tax return if the beneficiary has filed previously 
and such return is for 2018 or 2019; and 
(2) any additional or alternative information 
submission deemed necessary by the Secretary of the 
Treasury to facilitate application and prompt deliv-
ery of the universal emergency rebates. 
SEC. 5. TREATMENT OF UNIVERSAL EMERGENCY REBATES 
FOR INCOME TAX PURPOSES. 
Notwithstanding any other provision of law, no 
amount received as a universal emergency rebate shall be 
treated as income for the purpose of calculating Federal, 
State, or local tax liability. 
SEC. 6. POST-TAXES ON HIGH-INCOME EARNERS. 
(a) IN GENERAL.—There is hereby imposed a tax on 
2020 Universal Emergency Rebates for top income earn-
ers for tax year 2020 equal to 100 percent of the applica-
ble amount. 
(1) APPLICABLE AMOUNT.—The term ‘‘applica-
ble amount’’ shall be lesser of— 
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(A) the amount paid to a taxpayer under 
section 3; or 
(B) 5 percent of the amount by which the 
taxpayer’s adjusted gross income exceeds the 
threshold amount. 
(2) THRESHOLD AMOUNT.—The term ‘‘thresh-
old amount’’ shall be— 
(A) $500,000 in the case of a taxpayer 
making a joint return under section 6103 or a 
surviving spouse (as defined in section 2(a)); or 
(B) $250,000 in the case of a married tax-
payer (as defined in section 7703) filing a sepa-
rate return 1⁄2 the dollar amount under (a). 
(b) TAX MECHANISM.—The Secretary of the Treas-
ury, in consultation with the Commissioner of the Internal 
Revenue Service, shall establish a system to record, collect, 
and notify top 1-percent income earners of taxes needing 
to be paid on their emergency rebates. 
SEC. 7. REPORTS REGARDING LONG-TERM ECONOMIC RE-
SILIENCY TOOLS. 
Not later than 365 days after the date of enactment 
of this Act, and annually thereafter, the Director of the 
Congressional Budget Office, in consultation with the Sec-
retary of Treasury and Chair of the Federal Reserve, shall 
submit to Congress a report on how the United States 
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