(WWLP) – A trillion-dollar spending package is making its way through Capitol Hill, and some of that money could end up in your pocket.
The checks from this package would be direct deposited into people’s accounts whose jobs have been impacted by the coronavirus outbreak.
The package includes $1,200 recovery rebates for individuals, and $2,400 for couples.
For individuals, the sum of the payment would fall by $5 for each $100 earned over $75,000. Meaning someone who makes $75,100 would receive $1,195 instead of 1,200. The payment would phase out entirely for individuals making more than $99,000 annually.
The checks would reduce to $600 for taxpayers who have little or no income tax liability, but have at least $2,500 in qualifying income.
The income levels the government would review to make the cash payout determinations would be based on 2018 tax returns.
The plan also would extend the April 15th tax deadline to July 15th.