By FS Politics
On March 11, 2021, President Biden signed H.R.1319 - American Rescue Plan Act of 2021 into law. The bill provides additional relief to address the continued impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses. The bill passed in the U.S. House by a vote of 220-211 and passed by a vote of 50-49 in the U.S. Senate.
Key provisions:
Direct payments: The bill provides $1,400 per-person checks to single people making less than $75,000, heads of household making less than $112,500, and married couples filing jointly making less than $150,000 qualify for stimulus checks. People making up to $80,000 will receive partial payments.
Child Tax Credit (CTC): The bill increases the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and $3,600 for children under the age of six – and raised the age limit from 16 to 17.
Earned Income Tax Credit (EITC): The bill increases the Earned-Income Tax Credit from $543 to $1,502.
Unemployment Insurance: The bills extended unemployment benefits until September 6 with a weekly supplemental benefit of $300 on top of the regular $400 benefit.
View the Biden Administration’s American Rescue Plan Act summary.
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