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.
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.”
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.
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