Legislation: Biden Signs American Rescue Plan Act

President Biden March 11 signed into law H.R. 1319, the American Rescue Plan Act of 2021. The House March 10 passed the Senate’s amendment to the original passed version and sent it to the president. The Act provides $1.9 trillion to help sure up the economy against the Covid-19 pandemic. The 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 ...