1. The word stimulus does not appear in the law.
2. Only the news media use the word "check" for payments mostly made by direct deposit.
Now that we have that out of the way, the $600 payments were signed into law last night. This afternoon, the House voted to increase the amount to $2,000. The Senate now has a choice:
- Vote on the House bill, which it does not want to do.
- Don't vote on the House bill, which it does not want to do.
Treasury keeps saying it hopes to issue the first payments by the end of this week, which still means not until next year. And the law says if the advance payments, based on 2019 returns, are not issued by January 15, they have to be claimed as a refundable credit on 2020 returns.
What happens if the Senate doesn't act before the end of the week (and the end of the current legislative session)? Feel free to post your guess below ➘
The bill as passed by the House also allows $2,000 for all dependents, not just qualifying children.
Section 3. Dependents taken into account in determining credit and rebates
(a) Recovery rebates
(1) In general
Section 6428(a)(2) of the Internal Revenue Code of 1986 is amended by striking qualifying children (within the meaning of section 24(c)) and inserting dependents (as defined in section 152).