Title: Coronavirus Economic Stimulus Act
Policy area: Taxation

Summary:
Coronavirus Economic Stimulus Act
This bill allows individual taxpayers a refundable tax credit, based upon their 2018 tax liability, for $1,000 ($2,000 for joint returns) and $500 for each dependent. The credit is not available to taxpayers whose adjusted gross income exceeds $100,000 ($200,000 for joint returns) for the taxable year. The bill directs the Department of the Treasury to make payments to taxpayers as rapidly as possible.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3521 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3521

 To provide assistance through tax rebates, certain Federal assistance 
         programs, and business loans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2020

  Mr. Cotton introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To provide assistance through tax rebates, certain Federal assistance 
         programs, and business loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coronavirus Economic Stimulus Act''.

SEC. 2. REFUND OF 2018 INCOME TAXES.

    (a) In General.--Subchapter B of chapter 65 of the Internal Revenue 
Code of 1986 is amended by inserting after section 6427 the following 
new section:

``SEC. 6428. REFUND OF 2018 INCOME TAXES.

    ``(a) In General.--Each eligible individual shall be treated as 
having made a payment against the tax imposed by chapter 1 for the 
first taxable year beginning in 2018 in an amount equal to the 
applicable amount.
    ``(b) Eligible Individual.--For purposes of this section--
            ``(1) In general.--The term `eligible individual' means any 
        individual other than an individual described in subparagraph 
        (B) whose adjusted gross income for the taxable year exceeds 
        $100,000 ($200,000 in the case of a joint return).
            ``(2) Individual described.--Individuals described in this 
        subparagraph is--
                    ``(A) any nonresident alien individual,
                    ``(B) any individual with respect to whom a 
                deduction under section 151 is allowable to another 
                taxpayer for a taxable year beginning in the calendar 
                year in which the individual's taxable year begins, and
                    ``(C) an estate or trust.
            ``(3) Joint returns.--In the case of a joint return under 
        section 6013, both spouses shall be treated as one individual.
    ``(c) Applicable Amount.--For purposes of this section--
            ``(1) In general.--The applicable amount is an amount equal 
        to the sum of--
                    ``(A) $1,000 ($2,000 in the case of a joint 
                return), plus
                    ``(B) $500 for each dependent of the individual for 
                the taxable year.
            ``(2)  Identification number requirement.--
                    ``(A) In general.--In any case in which an 
                individual does not provide a valid identification 
                number for such individual (and in the case of a joint 
                return, for the spouse of such individual), the 
                applicable amount shall be zero.
                    ``(B) Dependents.--In any case in which the 
                individual does not provide a valid identification 
                number for a dependent of such individual, such 
                dependent shall not be taken into account in 
                determining the applicable amount under paragraph (1).
                    ``(C) Valid identification number.--For purposes of 
                this paragraph, the term `valid identification number' 
                means a social security number issued to an individual 
                by the Social Security Administration. Such term shall 
                not include a TIN issued by the Internal Revenue 
                Service.
                    ``(D) Special rule for members of the armed 
                forces.--Paragraph (1) shall not apply to a joint 
                return where at least 1 spouse was a member of the 
                Armed Forces of the United States at any time during 
                the taxable year.
    ``(d) Other Rules.--
            ``(1) Timing of payments.--The Secretary shall refund any 
        overpayment attributable to this section as rapidly as 
        possible.
            ``(2) No interest.--No interest shall be allowed on any 
        overpayment attributable to a payment deemed made under this 
        section.''.
    (b) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 of the Internal Revenue Code of 1986 is amended by inserting 
after the item relating to section 6427 the following new item:

``Sec. 6428. Refund of 2018 income taxes.''.
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