Reinvestment to Ensure a Livable Income for Every Family Act of 2020 or the RELIEF Act of 2020
This bill expresses the sense of Congress with respect to COVID-19 (i.e., the coronavirus disease 2019) and its impact on the health of Americans and the U.S. economy.
The bill allows an individual taxpayer a refundable tax credit equal to $1,000 ($2,000 for joint returns) beginning in 2020. The taxpayer must be 18 years of age in 2020, a resident of the United States, and not a dependent of another taxpayer. A dependent child under age 18 shall receive a $500 credit amount. The credit is denied to certain top income earners.
The Internal Revenue Service must establish an expedited process to assist taxpayers in applying for such credit.
The Congressional Budget Office must report annually to Congress on alternative fiscal policies to improve readiness for future economic downturns caused by depressions, pandemics, and climate change catastrophes.