United States – President Biden Signs American Rescue Plan into Law

US – American Rescue Plan Becomes Law

U.S. President Joseph Biden signed into law a new act containing several tax provisions, which include the new recovery rebate credit, as well as changes to the child tax credit, the child and dependent care credit, and the excess business loss regime, to help fight the coronavirus and its health, societal, and economic impacts.

1000

Related content

flash-alert-2021-082

On March 11, 2021, United States President Joseph Biden signed the American Rescue Plan Act of 2021 (the “Act”), a $1.86 trillion COVID-19 relief and stimulus package, into law.1  

WHY THIS MATTERS

The Act contains several tax provisions that may impact global mobility programs and international assignees.  For an in-depth analysis of the new recovery rebate credit and changes to the child tax credit, child and dependent care credit, and excess business loss regime, see GMS Flash Alert 2021-079 (March 10, 2021).  For an overview of the compensation and benefits-related provisions, see KPMG LLP’s TaxNewsFlash, “Compensation and benefits-related provisions in COVID relief bill.”  For details on the other provisions in the Act, see TaxNewsFlash, “Congress passes COVID relief legislation.”

FOOTNOTE

1  See President Biden’s March 11 remarks on the bill and the bill’s signing on the White House’s Twitter site: https://twitter.com/whitehouse.            

The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.

 

The information contained in this newsletter was submitted by the KPMG International member firm in United States.

SUBSCRIBE

To subscribe to GMS Flash Alert, fill out the subscription form.

© 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today