The U.S. House of Representatives today passed the Senate-amended version of H.R. 1319, the “American Rescue Plan Act of 2021,” by a near party-line vote of 220-211.
The legislation is estimated by the Congressional Budget Office (CBO) to increase the deficit by $1.86 trillion over 10 years.
The following documents related to the legislation have been released:
H.R. 1319 contains a number of tax-related provisions that the JCT estimated will decrease revenues by a net of $590 billion over 10 years, with the largest tax decreases being $411 billion in 2021 recovery rebates paid to individuals and $110 billion in increased child tax credits.
Business-related tax provisions in the legislation include:
Tax provisions related to individuals in the legislation include:
The legislation contains a number of provisions providing relief for both multi-employer and single-employer pension plans including:
With today’s agreement by the House to the Senate changes to the bill, the legislation will be enrolled and sent to the White House for President Biden’s expected signature.
According to the White House, the president plans to sign the bill on Friday, March 12, 2021.
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