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Mar 19, 2020

COVID-19 and Stimulus Payments to Individuals: Considerations on Using Advanced Refundable Credits as Economic Stimulus

 

What is a refundable tax credit? (3:01)

What does “advancing” a tax credit mean? (4:37)

How long would it take for the IRS to begin issuing advanced credits? (6:54)

How many individuals could receive an advanced refundable tax credit? (8:11)

 

Resources:

Romney Calls for Urgent Action on Additional Coronavirus Response Measures

https://www.romney.senate.gov/romney-calls-urgent-action-additional-coronavirus-response-measures

 

Premium Tax Credit: Claiming the Credit and Reconciling Advance Credit Payments

https://www.irs.gov/affordable-care-act/individuals-and-families/premium-tax-credit-claiming-the-credit-and-reconciling-advance-credit-payments

 

What is the difference between refundable and nonrefundable credits?

https://www.taxpolicycenter.org/briefing-book/what-difference-between-refundable-and-nonrefundable-credits