The House on March 10 voted 220 to 211 to approve the Senate-passed version of H.R. 1319, the American Rescue Plan Act of 2021. House passage of the $1.9 trillion legislative package clears the measure to go to the White House and be signed into law by President Biden.
The legislation features key relief measures proposed by President Biden, including additional $1,400 economic recovery impact payments to eligible individuals, funding for vaccine testing and distribution, significant expansions of the child tax credit and other refundable tax credits, extension of enhanced unemployment benefits, and $350 billion in aid to state and local governments.
Key business tax provisions include an extension of the employee retention tax credit and several revenue-raising measures, including repeal of a worldwide interest allocation election, changes to pension funding requirements, expanded limits on executive compensation deductions, and an extension of the $500,000 limitation on excess business losses of non-corporate taxpayers.