Round III of stimulus has passed both House and Senate and now goes to Biden who will almost certainly sign it into law.
Major Items:
$1,400 Stimulus Check (Per Qualifying Person)
You will get one if you're a single person making under $75,000, part of a married couple jointly filing under $150,000, or a dependent (including adults***) of such persons. Those earning more than that will get declining payment amounts that completely cut off at the $80,000/single and $160,000/married couple level.
***Adults here may include: i.) high school students 17 or older claimed by someone else; ii.) college students claimed by someone else; iii.) elderly adults claimed by someone else; iv.) disabled adults claimed by someone else
$15 Minimum Wage
no
Enhanced $300 Federal Unemployment Insurance
The ongoing federal $300 enhanced supplement to state UI will be extended through to Sept. 6, 2021.
Child Tax Credit
$3,600 for every child under the age of 6.
$3,000 for every child between the age of 6 and 17.
Deposited into family bank accounts directly every quarter/month (still being decided). This is different from previous "tax credits" that give you back money when you file your taxes. This is direct cash aid sent to your bank account immediately. First payments are set to go out in July of this year.
Earned Income Tax Credit Expansion for Childless Workers
Lots of changes here (to be more generous).
The minimum qualifying age is now 19 (previously 24) and the maximum age of 65 is eliminated!
The maximum EITC credit has been upped from $543 to $1,502 (nearly triple) and the maximum benefit qualifying income level from $4,220 to $9,820, at which EITC benefits diminish and begin to phaseout at $11,610 instead of $5,280 for individual tax filers.
COBRA Subsidies
Laid off workers will have 100% of their employer's health insurance premiums paid for/subsidized through September 2021.
eta: Will update this list with more clarity as it comes in...
Edited 4 time(s). Last edit at 03/13/2021 04:03AM by shoptastic.