The U.S. Senate approved the $2 trillion economic stimulus package which will shortly be passed to the House for their approval as Congress seeks to give American families and businesses a financial shield against the ravages of the COVID-19 pandemic.
Ok, so what does that have to do with relocation?
Well, included in the package is a direct payment from the U.S. government to taxpayers. If a worker makes less than $75,000 a year ($150,000 for couples), they’ll get $1,200 ($2,400 for couples) and there’s an extra $500 for each dependent child. Employees who make more get less, and those who are over $100,000 a year ($200,000 for couples) won’t qualify for any payment. Qualifying for a payment will be based on 2019 adjusted gross income if a person has filed their return already or 2018 adjusted gross income if they have not yet filed their 2019 tax return.
Following? OK, good! So here is the part that explains what it has to do with relocation.
If an employee relocated and had income included that year due to relocation benefit reporting, then they may possibly receive a lesser payment or no payment at all. Mobility programs are likely to receive inquiries from employees about this issue as employees begin to file and should begin considering how they will handle these inquiries and what their response will be to those employees.
Need more info or want to speak to someone further about this? Reach out to us.
(CNN)Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others.