[Rich]

My tax accountant sent me the following summary today after this passed the house. Maybe this will help to answer someone's questions:

Recovery Rebates

The measure would provide refundable tax credits of as much as $1,200 per individual or $2,400 for couples who file joint tax returns. An additional $500 would be provided for each child.

The credit would be reduced by 5% for the amount a taxpayer’s income exceeds $150,000 for joint returns, $112,500 for heads of household, and $75,000 for other filers.

The rebate would completely phase out for incomes exceeding $198,000 for joint filers, $146,500 for heads of household, and $99,000 for individual filers, according to a summary from the Senate Finance Committee.

The rebate would be based on 2019 taxes, or for individuals who haven’t filed, against their 2018 taxes or 2019 Social Security statements.

Payments would be made through Dec. 31, 2020. They could be delivered electronically to accounts where a taxpayer had authorized deposit of a tax refund or other federal payment on or after Jan. 1, 2018. Notice would have to be sent to the taxpayer within 15 days of sending the payment. Treasury Secretary Steven Mnuchin said during a March 25 White House virus briefing that the department could begin sending payments in as little as three weeks.

A Social Security number would be required to claim the credit, although only one number would be required if one spouse was a member of the Armed Forces.

The measure would establish rules for the credit to be provided in U.S. territories.

The Treasury Department, in coordination with the Social Security Administration, would have to conduct a public awareness campaign.