American Rescue Plan: Summary and Highlights (Course Id 2062)

Taxes - Taxes for Course Id 2062

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.None.

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2062

Course Learning Objectives

1. Identify the amount of aid allocated for local governmental assistance
2. Identify the amount of aid provided to qualifying dependents in direct payments
3. Determine the date extension of the Federal Pandemic Unemployment Compensation (FPUC), as well as the FPUC amount
4. Identify the new amount of Child Tax Credit
5. Identify the amount provided for the Veterans Health Administration

Chapter 1 - American Rescue Plan: Summary and Highlights

Course Learning Objectives

Introduction

Highlights of the American Rescue Plan of 2021

State and Local Aid

Direct Payments to Citizens

Expanded Unemployment Benefits

Tax Provisions

Small Business provisions

Agriculture Provisions

Consumer Protection Provisions

Education provisions

State Maintenance of Equity:

LEA Maintenance of Equity:

Energy and Utility Provisions

Environmental Provisions

Expanded Unemployment Provisions

Health and Human Services provisions

Health Funding

Human Services Funding

ADDITIONAL HHS PROGRAMS FUNDING

Medicaid/Medicare Policy Funding

MEDICAID FMAP FUNDING

HEALTH INSURANCE FUNDING AND POLICY PROVISIONS

Nutrition Provisions

Housing Provisions

Technology, Broadband, and Cyber provisions

Transportation and Infrastructure Provisions

Transit Funding

Aviation Funding

Railway Funding

Veteran’s provisions

Section 2 - Provisions by Committee

Title I - Committee on Agriculture, Nutrition, and Forestry

Nutrition:

Food Supply Chain:

Farmers of Color:

Rural Health Care:

International Food Aid:

Title II – Committee on Health, Education, Labor, and Pensions

Vaccines:

Testing:

Health Workforce:

Community Health Centers and Health Disparities:

Mental Health:

K-12 Schools:

Higher Ed:

Child Care and Head Start:

Family Violence and Child Abuse Prevention and Treatment:

LIHEAP and Water Utility Bill Assistance:

Institute of Museum and Library Services:

National Endowment for the Arts and National Endowment for the Humanities:

Corporation for National and Community Service (CNCS):

Department of Labor (DOL):

Title III - Committee on Banking, Housing, and Urban Affairs

Emergency Rental Assistance:

Housing Counseling:

Assistance for People Experiencing Homelessness:

Emergency Housing Vouchers:

Rural Rental Assistance:

Mortgage and Utility Assistance:

Rural Homeowners:

Fair Housing:

Public Transportation:

Small Business Capital:

Defense Production Act:

Title IV - Committee on Homeland Security and Governmental Affairs

Disaster Relief Fund & Funeral Assistance:

FEMA Grant Programs:

Federal Workforce Protections:

Information Technology and Cyber Security.

Title V - Committee on Small Business and Entrepreneur

Targeted EIDL Grants:

Restaurants:

Shuttered Venue Operators Grant Program:

Expanded PPP Eligibility:

Community Navigator Technical Assistance and Administrative Funding:

Title VI - Committee on Environment and Public Works

Air Quality Monitoring and Pollution Clean-up:

U.S. Fish and Wildlife Service Funding:

Title VII - Committee on Commerce, Science, and Transportation

Broadband for Remote Learning:

Corporation for Public Broadcasting.

Amtrak:

Airline Jobs:

Airports:

Aviation Manufacturing Workforce:

Research Relief:

Manufacturing:

Consumer Product Safety.

Prevention of COVID-19 Scams.

Department of Commerce Inspector General:

Title VIII – Committee on Veterans’ Affairs

Title IX – Committee on Finance

Direct Payments:

Unemployment Insurance extension:

Unemployment Insurance Taxation:

EITC and CTC:

State and Local Fiscal Aid:

Health Care Support:

Paid Sick Leave Credit:

Employee Retention Tax Credit:

Repeal of Election to Allocate Interest on Worldwide Basis:

Tax Treatment of Certain SBA Programs:

Modification of Reporting Requirements for Third Party Network Transactions:

Extension of Excess Business Loss Limitation:

Title X - Committee on Foreign Relations

Title XI - Committee on Indian Affairs

Health Care:

Public Safety, Child Welfare, Assistance to Tribal Governments, and Essential Infrastructure:

Education:

Housing:

Native Languages:

Final Notes Regarding The Interim Final Rule (IFR) Regarding the American Rescue Plan

Overview of the American Rescue Plan Act IFR

Obligation and Spending Deadlines

COVID-19 Response

Premium Pay for Essential Workers

Lost Revenue and Government Services

Infrastructure

Special Rules Relating to Tribal Government Recipients

Review Questions

Glossary