The American Rescue Plan of 2021 is the latest COVID-19 relief package that provides $1.9 trillion in mandatory funding, program changes and tax policies aimed at mitigating the continuing effects of the pandemic. The bill was crafted to provide urgent and targeted funding to defeat the virus and provide workers and families the resources they need to survive the pandemic while the vaccine is distributed to every American.
The American Rescue Plan of 2021 was passed by the House Feb. 27, 2021, and the Senate March 6, 2021. It was signed into law by President Biden on March 11, 2021. The American Rescue Plan of 2021 will cost of $1.9 trillion making it one of the largest economic rescue plans in U.S. history.
The American Rescue Plan of 2021 is the latest legislation to facilitate recovering from the economic and health effects of the COVID-19 pandemic. This legislation following the CARES Act of 2020 and the Consolidated Appropriations Act of 2021. This Act extends some aspects of those bills while also creating new recovery provisions. It mixes efforts to mitigate the economic effects of the pandemic with strategies to fight the virus itself.
At the end of this course, the student will be able to:
- Identify the amount of aid allocated for local governmental assistance
- Identify the amount of aid provided to qualifying dependents in direct payments
- Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amount
- Identify the new amount of Child Tax Credit
- Identify the amount provided for the Veterans Health Administration
CPE Credit: 2 CPE for CPAs and EAs
Instructional Method: Self-Study
NASBA Field of Study: Taxes
Program Prerequisites: Basic understanding of federal tax code.
Advanced Preparation: None
Publish Date: January 31, 2023