Summary: American Rescue Plan Act of 2021
Congress passes $1.9 trillion bill, sent to and signed by President Biden
Extended Consolidated Appropriations Act Benefits for Individual Taxpayers
The Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law on December 27, 2020, extending federal income tax breaks that were revised to accommodate the economic impact of the Coronavirus pandemic.
Employee Retention Credit Extended and Expanded
The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.
