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H.R.1319 - American Rescue Plan Act of 2021
Makes the first $10,200 in unemployment payments nontaxable for households with incomes under $150,000.
The legislation would temporarily expand the child tax credit, increasing the amount to $3,000 for children ages 6 to 17 and $3,600 for children under age 6.
The amount is gradually reduced for couples earning over $150,000 and individuals earning over $75,000 per year. Families eligible for the full credit would get payments of up to $300 per child per month from July through the end of the year.
Allows PPP borrowers to take tax deductions for covered business expenses,
Makes any student loan forgiveness passed between Dec. 31, 2020, and Jan. 1, 2026, tax-free — rather than having the forgiven debt be treated as taxable income.