Section 1 Short title
This Act may be cited as the “Student Recovery Eligibility for Low-Income Individuals to Exact Funds Act of 2020” or the “Student RELIEF Act of 2020”.
Student Recovery Eligibility for Low-Income Individuals to Exact Funds Act of 2020
A BILL
To amend the Internal Revenue Code of 1986 to provide an increase in the amount of the recovery rebates with respect to certain dependents, including students demonstrating significant financial need, and for other purposes.
Sec. 2 Increase in recovery rebates with respect to certain dependents
by striking “plus” at the end of paragraph (1);
in paragraph (2)—
by striking “qualifying children (within the meaning of section 24(c))” and inserting “dependents (as defined in section 152)”; and
by striking the period and inserting “who are not described in paragraph (3), plus”; and
by adding at the end the following:
“(3) an amount equal to the product of $1,200 multiplied by the number of dependents (as defined in section 152) who are students (as defined in section 152(f)(2)) who the Secretary of Education has determined eligible for a Federal Pell Grant under subpart 1 of part A of title IV of the Higher Education Act of 1965 (20 U.S.C. 1070a et seq.).”
Conforming amendments— Section 6428 of such Code is amended—
by striking “qualifying child” each place it appears and inserting “dependent”; and
in subsection (g)—
in paragraph (1)(C), by striking “subsection (a)(2)” and inserting “subsection (a)”; and
in paragraph (2)(B), by striking “such child” and inserting “such dependent”.
Effective Date— The amendments made by this section shall take effect as if included in section 2201 of the CARES Act.
Sec. 3 Application to taxpayers with respect to whom advance payment has already been made
In the case of any taxpayer with respect to whom a refund or credit was made or allowed before the date of the enactment of this Act under subsection (f) of section 6428 of the Internal Revenue Code of 1986 (as added by the CARES Act), such subsection shall be applied separately with respect to the excess (if any) of—
the advance refund amount determined under section 6428(a) of such Code after the application of the amendments made by this Act, over
the amount of such refund or credit so made or allowed.