American Rescue Plan Act of 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law.

The Act includes extensions of:

• enhanced unemployment relief,
• increase funding for Covid-19 testing and vaccination programs,
• aid to state and local governments
• assistance to schools to help get students back into classrooms

The Act also includes a number of tax provisions, including:

INDIVIDUAL TAX RELIEF

• a third round of direct stimulus payments- Recovery Rebates
• enhanced Child Tax Credit
• enhanced Earned Income Credit
• enhanced Child and Dependent Care Credits
• extension of unemployment relief
• exclusion of forgiven student loans

EMPLOYER TAX RELIEF

• paid sick and family leave credits
• employee retention tax credits