Coronavirus Economic Stimulus Act

II 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Coronavirus Economic 4 Stimulus Act’’. 5 SEC. 2. REFUND OF 2018 INCOME TAXES. 6 (a) IN GENERAL.—Subchapter B of chapter 65 of the 7 Internal Revenue Code of 1986 is amended by inserting 8 after section 6427 the following new section: 9 VerDate Sep 11 2014 23:15 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3521.IS S3521 kjohnson on DSK79L0C42PROD with BILLS 2 •S 3521 IS ‘‘SEC. 6428. REFUND OF 2018 INCOME TAXES. 1 ‘‘(a) IN GENERAL.—Each eligible individual shall be 2 treated as having made a payment against the tax imposed 3 by chapter 1 for the first taxable year beginning in 2018 4 in an amount equal to the applicable amount. 5 ‘‘(b) ELIGIBLE INDIVIDUAL.—For purposes of this 6 section— 7 ‘‘(1) IN GENERAL.—The term ‘eligible indi- 8 vidual’ means any individual other than an indi- 9 vidual described in subparagraph (B) whose adjusted 10 gross income for the taxable year exceeds $100,000 11 ($200,000 in the case of a joint return). 12 ‘‘(2) INDIVIDUAL DESCRIBED.—Individuals de- 13 scribed in this subparagraph is— 14 ‘‘(A) any nonresident alien individual, 15 ‘‘(B) any individual with respect to whom 16 a deduction under section 151 is allowable to 17 another taxpayer for a taxable year beginning 18 in the calendar year in which the individual’s 19 taxable year begins, and 20 ‘‘(C) an estate or trust. 21 ‘‘(3) JOINT RETURNS.—In the case of a joint 22 return under section 6013, both spouses shall be 23 treated as one individual. 24 ‘‘(c) APPLICABLE AMOUNT.—For purposes of this 25 section— 26 VerDate Sep 11 2014 23:15 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3521.IS S3521 kjohnson on DSK79L0C42PROD with BILLS 3 •S 3521 IS ‘‘(1) IN GENERAL.—The applicable amount is 1 an amount equal to the sum of— 2 ‘‘(A) $1,000 ($2,000 in the case of a joint 3 return), plus 4 ‘‘(B) $500 for each dependent of the indi- 5 vidual for the taxable year. 6 ‘‘(2) IDENTIFICATION NUMBER REQUIRE- 7 MENT.— 8 ‘‘(A) IN GENERAL.—In any case in which 9 an individual does not provide a valid identifica- 10 tion number for such individual (and in the 11 case of a joint return, for the spouse of such in- 12 dividual), the applicable amount shall be zero. 13 ‘‘(B) DEPENDENTS.—In any case in which 14 the individual does not provide a valid identi- 15 fication number for a dependent of such indi- 16 vidual, such dependent shall not be taken into 17 account in determining the applicable amount 18 under paragraph (1). 19 ‘‘(C) VALID IDENTIFICATION NUMBER.— 20 For purposes of this paragraph, the term ‘valid 21 identification number’ means a social security 22 number issued to an individual by the Social 23 Security Administration. Such term shall not 24 VerDate Sep 11 2014 23:15 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S3521.IS S3521 kjohnson on DSK79L0C42PROD with BILLS 4 •S 3521 IS include a TIN issued by the Internal Revenue 1 Service. 2 ‘‘(D) SPECIAL RULE FOR MEMBERS OF 3 THE ARMED FORCES.—Paragraph (1) shall not 4 apply to a joint return where at least 1 spouse 5 was a member of the Armed Forces of the 6 United States at any time during the taxable 7 year. 8 ‘‘(d) OTHER RULES.— 9 ‘‘(1) TIMING OF PAYMENTS.—The Secretary 10 shall refund any overpayment attributable to this 11 section as rapidly as possible. 12 ‘‘(2) NO INTEREST.—No interest shall be al- 13 lowed on any overpayment attributable to a payment 14 deemed made under this section.’’. 15 (b) CLERICAL AMENDMENT.—The table of sections 16 for subchapter B of chapter 65 of the Internal Revenue 17 Code of 1986 is amended by inserting after the item relat- 18 ing to section 6427 the following new item: 19 ‘‘Sec. 6428. Refund of 2018 income taxes.’’. Æ VerDate Sep 11 2014 23:15 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S3521.IS S3521 kjohnson on DSK79L0C42PROD with BILLS