Sidney Kess American Rescue Plan Act: Tax Changes for Individuals
The $1.9 trillion American Rescue Plan Act of 2021 was signed into law on March 11, 2021. Known as ARPA, the wide-ranging law contains many tax-relief measures for individuals, which Sidney Kess explores in this edition of his Tax Tips column.
March 23, 2021 at 12:45 PM
7 minute read
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (P.L. 117-2) was signed into law on March 11, 2021. Known as ARPA, provides a wide-ranging law contains many tax-relief measures for individuals, with varying effective dates are noted below.
Stimulus Checks
The third round of Economic Impact Payments (EIP3) of up to $1,400 ($2,800 for married persons filing jointly) is being sent to eligible individuals (Code §6428B). EIP3 payments of up to $1,400 are also being sent for qualifying dependents (including college students and dependent adults) reported on a taxpayer's return. All such payments tax free.
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