A recent study by BGR Group provides Texas a great opportunity to view the magnitude and impact of the recent $2 trillion federal legislation, the Coronavirus Aid, Relief, and Economic Security Act (CARES).
As BGR points out, this legislation is the largest relief legislation ever passed by Congress. Texas’ state government, local governments, large businesses, small businesses and individuals will receive a critical influx of aid to support our state during this health and economic crisis.
Among the many provisions, as has been widely reported, eligible Texas taxpayers with an adjusted gross income up to $75,000 or up to $150,000 for married couples filing join returns will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. For filers with income above those amounts, the payment amount is reduced and then phased out for individuals whose income exceeds $99,000 (or $198,000 for joint filers with no children).
Texas’ large businesses and small businesses stand to benefit from the $100 billion set aside to support American business.