President Joe Biden signed into law on Thursday the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act. This comes just a day after the House passed the Senate’s amended version which included changes to some of the tax provisions in the original bill.
The American Rescue Plan Act’s tax provisions include another round of Economic Income Payments (EIPs) paid as advances on a Recovery Rebate Credit, expansion of the child tax credit and earned income tax credit, restrictions on publicly traded corporations deductions of highly paid executive compensations, and exempting from taxation the first $10,200 of unemployment compensation received in 2020. You can read more about the details the bill’s passing here.
For more in depth information on the implications of this legislation please read more in WCS’ article here.
As always, please do not hesitate to call our offices for additional information and to speak to your representative about how this could affect your situation