New Relief Bill Includes Tax Provisions

American Rescue Plan Act image

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.