The New American Rescue Plan Act Includes Tax Provisions
Yesterday President Joe Biden signed into law a new economic relief bill to provide assistance due to the COVID-19 pandemic. The new bill, named the American Rescue Plan Act provides $1.9 trillion in aid, including for small businesses and stimulus payments to individuals.
Additionally, many of the Act’s provisions are tax items. A new article from Journal of Accountancy provides details about the tax components, which include:
- Unemployment benefits
- Recovery rebates
- COBRA continuation coverage
- Child tax credit
- Earned income tax credit
- Child and dependent care credit
- Family and sick leave credits
- Employee retention credit
- Premium tax credit
- Student loans
- Other miscellaneous tax provisions
Click here to read the full article.