American Rescue Plan Act

President Joe Biden signed the American Rescue Plan Act of 2021 into law March 11. You can view the full report here. 

The Act largely aligns with the framework put forth by President Biden before his inauguration on January 20. It includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs, aid to state and local governments, and assistance to schools to help get students back into classrooms. 

The Act also includes a number of tax provisions, including a third round of direct stimulus payments, enhancements of many personal credits meant to benefit people with lower incomes and children, extensions of highly popular payroll tax credits for employers first instituted at the beginning of the pandemic, and changes related to retirement plan funding.