The Senate passed a bill today. Full text available
here.
The stimulus payments are a bit different from the draft the Republicans put forth a few days ago. It is still written as a one-time tax credit for 2020 only. The base amount of the credit will be $1,200 (or $2,400 to married couples filing jointly), plus $500 per child, phasing out by five cents on the dollar to the extent that your 2020 AGI exceeds $75k (if single), $112.5k (if head of household), or $150k (if married filing jointly).
There will be an advance payment based on your 2019 AGI (if you have filed your 2019 tax return already), or your 2018 AGI (if you haven't), or your 2019 social security or Railroad Retirement wage record (if you haven't filed tax returns for either year).
The 2020 credit will be reduced (but not below zero) by the amount of the advance payment. This means you'll eventually get the payment based on the lower of your 2019 or 2020 income, but only the 2019 income will figure into the immediate payment.
There are a couple of other interesting provisions for individual taxpayers in there.
* Coronavirus-related retirement account distributions. The 10% early withdrawal tax won't apply to retirement plan distributions up to $100k taken out in 2020 for people who have been diagnosed with covid-19, or have experienced adverse financial consequences due to quarantine or reduced work or reduced childcare availability during this time. If you take out one of these distributions you'll have the option of splitting the income over three tax years (2020-2022). Could be worth considering for early retirees who would otherwise use the Roth ladder.
* Certain limits on deductions of charitable contributions are suspended for 2020.
* Up to $300 of charitable contributions can be claimed "above the line" (i.e. even for people who claim the standard deduction).
* RMDs are cancelled for 2020.
Of course this still needs to be passed by the House, but Pelosi seems to be pushing pretty hard for it to pass without further amendment.