House Democrats on Monday evening released a coronavirus stimulus proposal that includes direct payments to Americans that are more generous than the rebate checks proposed by Senate Republicans.
The proposal would provide payments of $1,500 per adult and $1,500 per child in a household, up to three children. The maximum a family could receive is $7,500.
Individuals with income of more than $75,000 and married couples with income of more than $150,000 would have to repay some or all of the payment amount when they file their tax returns but could chose to repay the amount over the course of three years. The IRS and Social Security Administration would work together to get the payments to households, and when possible, the payments would be delivered to people via direct deposit, according to a fact sheet from the House Ways and Means Committee.
Draft versions of House Democrats' bill that circulated in Washington on Monday included a provision that would provide significantly bigger checks to low-income households, but that was not included in the version of the bill lawmakers formally introduced.
The release of House Democrats' 1,400-page bill comes as Democrats and Republicans have been working to reach a bipartisan deal in the Senate on a stimulus package. Senate Republicans did not expect an agreement to be reached on Monday.
House Speaker Nancy PelosiNancy PelosiDemocrats seek to cool simmering tensions Louisiana delegation split over debt hike bill with disaster aid House Democrats unveil legislation to curtail presidential power MORE (D-Calif.) on Monday urged the Senate "to move closer to the values" in the House bill.
Senate Republicans have also proposed cash payments for Americans, but their proposed checks are smaller, particularly for children. They have proposed checks of $1,200 for single filers, $2,400 for married couples and $500 per child.
Senate Republicans are proposing that their payment amounts would start phasing out at the same income levels Democrats have proposed. Legislative text Senate Republicans released last week also included a phase-in of the rebate amount, but a draft that had circulated over the weekend dropped the phase-in.
The cash payments are not the only tax-related provision in House Democrats' bill. The bill would also provide for short-term expansions of the earned income tax credit and the child tax credit — two tax credits benefiting low- and middle-income households that Democrats have long wanted to boost. House Democrats are also proposing tax credits for employers who retain their workers and tax credits for paid sick and family leave.
Both House Democrats and Senate Republicans have proposed allowing businesses to carry back net operating losses from 2018, 2019 and 2020, but the Democratic bill puts restrictions on what businesses can qualify.
In addition to the tax-related provisions, House Democrats' bill would provide financial resources for the health care system, boost unemployment compensation, provide grants and loans to small businesses, provide funds to state and local governments, and require states to develop voting contingency plans during a public health emergency.
Updated at 9:57 p.m.