Here Is The First Draft of the $1,400 EIP Legislation

You might want to start paying attention sooner if your clients are a married couple with two kids who would qualify for $5,600 based on their 2019 income -- but are in the business of selling face masks and toilet paper, so have 2020 income that would disqualify them for any payment based on the return that you might otherwise send off later this week.  

The big difference I see is that all dependents get the credit, not just kids, and it is for the full amount of $1,400.

Here is the Ways and Means Committee explanation:

Sec. 9601 – 2021 Recovery rebates to individuals.
Provides a $1,400 refundable tax credit for each family member that shall be paid out in advance
payments, similar to the Economic Impact Payments in the CARES Act and Consolidated
Appropriations Act, 2021. The credit is $1,400 for a single taxpayer ($2,800 for joint filers), in
addition to $1,400 per dependent. The credit phases out between $75,000 and $100,00 of
adjusted gross income ($112,500 and $150,000 for head of household filers and $150,000 and
$200,000 for joint filers) proportional to the taxpayer’s income in excess of the phaseout
threshold over $25,000 ($37,500 for head of household filers and $50,000 for joint filers). Thus,
under this phaseout structure, the credit is reduced to zero for all taxpayers at the $100,000,
$150,000 and $200,000 AGI levels (depending on filing status).
For purposes of this credit, a dependent includes both children and non-child dependents. A
taxpayer is eligible for a credit with respect to any individual in the household for whom a Social
Security number is associated with such individual on the tax return.
Advance payments are generally not subject to administrative offset for past due federal or state
debts, including offset for past-due child support.
Treasury is directed to issue this credit as an advance payment based on the information on 2019
or 2020 tax returns. Furthermore, Treasury is given broad authority to make payments to nonfiler populations based on return information available to the Secretary. Treasury shall conduct
outreach to non-filers to inform them of how to file for their advance payment.
Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on
2021 tax return information will not be required to repay any amount of the payment to the
Treasury. If a taxpayer’s 2021 tax credit exceeds the amount of the advance payment, taxpayers
can claim the difference on their 2021 tax returns.

https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax_sxs.pdf