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Federal - American Rescue Plan Act of 2021

On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (HR 1319) which provides funding for:

  • Agriculture and nutrition programs, including the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
  • Schools and institutions of higher education;
  • Childcare and programs for older Americans and their families;
  • COVID-19 vaccinations, testing, treatment, and prevention;
  • Mental health and substance-use disorder services;
  • Emergency rental assistance, homeowner assistance, and other housing programs;
  • Payments to state, local, tribal, and territorial governments for economic relief;
  • Multiemployer pension plans;
  • Small business assistance, including specific programs for restaurants and live venues;
  • Programs for health care workers, transportation workers, federal employees, veterans, and other targeted populations;
  • International and humanitarian responses;
  • Tribal government services;
  • Scientific research and development;
  • State, territorial, and tribal capital projects that enable work, education, and health monitoring in response to COVID-19; and
  • Healthcare providers in rural areas.

The bill also includes provisions that:

  • Extend unemployment benefits and related services;
  • Make up to $10,200 of 2020 unemployment compensation tax-free;
  • Make student loan forgiveness tax-free through 2025;
  • Provide a maximum recovery rebate of $1,400 per eligible individual;
  • Expand and otherwise modify certain tax credits, including the child tax credit and the earned income tax credit;
  • Provide premium assistance for certain health insurance coverage; and
  • Require coverage, without cost-sharing, of COVID-19 vaccines and treatment under Medicaid and the children’s health insurance program (CHIP).

More in depth analysis of this legislation is in progress and will be posted when it’s completed.