23: COVID-19 and using advanced refundable tax credits as economic stimulus
Update: 2020-03-19
Description
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
What is the difference between refundable and nonrefundable credits?
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