Congress has passed and the President is expected to sign the American Rescue Plan Act of 2021. The bill largely includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs, aid to state and local governments, and assistance to schools to help get students back into classrooms. The bill also includes a number of tax provisions, including a third round of direct stimulus payments, enhancements of many personal credits meant to benefit people with lower incomes and children, extensions of highly popular payroll tax credits for employers first instituted at the beginning of the pandemic, and changes related to retirement plan funding.
In this overview of the American Rescue Plan Act of 2021 learn more about:
- Individual Tax Relief
- Employer Tax Relief
- Retirement Plan Funding
- Miscellaneous Relief