President Signs $1.9 Trillion Bill into Law
American Rescue Plan Act of 2021
The Senate voted to approve its version of the American Rescue Plan Act on March 6, 2021. With federal supplements and state unemployment due to expire soon, lawmakers set a deadline of March 14, 2021 to approve the package. On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law.
The Act includes a third round of direct economic impact payments to certain individuals, temporary enhancements to certain family-focused tax credits, expanded tax relief for hard-hit businesses, and other provisions designed to provide immediate relief to families and businesses directly impacted by the pandemic.
Read the Special Report, which summarizes:
Individual Tax Relief:
- Recovery Rebates
- Child Tax Credit
- Earned Income Tax Credit
- Dependent Care Assistance
- Unemployment Relief
- Exclusion of Forgiven Student Loans
Employer Tax Relief
- Paid Sick and Family Leave Credits
- Employee Retention Tax Credit
Miscellaneous Relief
- Retirement Plan Funding
- COBRA Coverage Assistance
- Premium Tax Credits
- Tax Treatment of COVID-19 Relief
- Worldwide Allocation of Interest
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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