3 minute read 11 Mar 2021
EY - Sunrise behind the dome of the US Capitol

American Rescue Plan Act – tax, health and financial services highlights

By Washington Council Ernst & Young

Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.

3 minute read 11 Mar 2021
Related topics Tax

The latest $1.9 trillion in COVID relief addresses taxes, health care, unemployment benefits, direct payments and state and local funding, among other issues.

About half of the $1.9 trillion bill comprises revenue provisions that fall under jurisdiction of the congressional tax-writing committees. And over half of that is attributable to direct payments of $1,400 and an advanceable child tax credit expansion in the form of periodic payments from the IRS.

The tax-writing committees also had jurisdiction over main pillars of the legislation like an extension of pandemic unemployment programs and Consolidated Omnibus Budget Reconciliation Act (COBRA) subsidies.

Read more about the bill’s key provisions and how funding is allocated across the bill.

Summary

This latest stimulus bill injects an additional $1.9 trillion into the US economy.

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By Washington Council Ernst & Young

Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.

Related topics Tax