The House Democrats released more details late Monday on their coronavirus relief bill, which includes $ 1,400 stimulus payments for Americans on the same income level as in previous rounds.
Last week there were reports that the Democrats might lower the income eligibility thresholds for stimulus checks from the two previous payments. However, the text of the new invoice includes payments of $ 1,400 for those earning up to $ 75,000 per year and their loved ones and $ 2,800 for married couples earning up to $ 150,000. That means a family of four who met all of the eligibility requirements would receive $ 5,600.
Income, which is based on a taxpayer’s Adjusted Gross Income (AGI), can come from the 2019 or 2020 tax year.
The stimulus payment runs between $ 75,000 and $ 100,000 in AGI for individuals and between $ 150.00 and $ 200,000 for couples submitting together. Heads of household will get the full amount when they have earned up to $ 112,500, and it will fully expire at $ 150,000.
Adult relatives who were previously excluded from receiving stimulus checks can participate in the third round as part of the house plan. This includes many college students, disabled adults, and elderly Americans who are claimed on someone else’s tax returns.
Many households will receive significantly more money in this context than in the first two rounds. For example, a household with two parents and an 18-year-old dependent who qualifies for income eligibility would have received $ 2,400 in the first round. Now they could get $ 4,200.
The House is reportedly working on other parts of the relief package, which is expected to mirror President Joe Biden’s $ 1.9 trillion plan, published in January.
This version of the bill will be voted on by the House Ways and Means Committee this week.
This is a developing story.
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