The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and, of course, taxes.
The Infrastructure Investment and Jobs Act includes tax-related provisions
Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built into the new law.
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act
The American Rescue Plan Act provides sweeping relief measures
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
Under the ARPA, many people will receive a third round of direct payments (which the law calls recovery rebates). It provides for direct payments of $1,400 — plus $1,400 per dependent — for single tax filers with adjusted gross income (AGI) up to $75,000 per year, heads of households with AGI up to $112,500 and married couples with AGI up to $150,000. The rebates phase out when AGI exceeds $80,000, $120,000 and $160,000, respectively. Dependents include adult dependents, such as college students and qualifying family members.
Coronavirus relief bill includes direct payments, tax breaks, airlines aid
The House and Senate are set to vote today (12/21/2020) on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.
The bill includes help for small businesses, the jobless and direct payments to most Americans. It also provides funding for vaccine distribution, food assistance, tax breaks and money for education and child care.
The IRS effectively canceled the tax break that made PPP loans so valuable
A time bomb is ticking in the Paycheck Protection Program loans that have kept millions of small businesses operating through the pandemic. It’s set to go off early next year unless Congress defuses it soon.
More than 500 national, regional, and state trade associations recently signed a letter pleading with congressional leaders to act. They asked House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and others to bring a “spirit of urgency and cooperation before the end of this session to prevent an avoidable catastrophe for millions of small businesses.”