On Thursday afternoon Congress passed and President Biden signed the American Rescue Plan Act of 2021 into law. Below are some of the highlights that could impact people as soon as this weekend.

$1,400 stimulus check per eligible person.
- Eligible persons are yourself, spouse, and all dependents in the household (including college age children and parents, if counted as dependents).
- Benefit starts to phase out with income above $75,000 for single filers and $150,000 for joint filers.
- Example: Jack and Jill have 2 kids ages 17 and 15 and make $85,000 and file joint tax returns. They should receive $1,400 x 4 = $5,600.
- Example: John and Jane have 2 kids ages 17 and 15 and make $170,000 and file joint tax returns. They will receive $0 stimulus as they are above the full phaseout income amount of $160,000.

Child tax credit increases from $2,000 to $3,000 per child ($3,600 if the child is under the age of 6).
- Partial phase out of the full credit starts at $75,000 for single filers and $150,000 for joint filers.

Child and Dependent Care Tax Credit is more than doubled from a limit of $3,000 for one qualifying child and $6,000 for two or more qualifying children to $8,000 for one qualifying child and $16,000 for two or more qualifying children with eligible expenses.
- Income phaseout has been increased from $15,000 to $125,000 regardless of filing status.
- Applicable Percentage maximum has been increased from 35% to 50%.

These are just a few of the provisions that will affect many Americans. There are also provisions for increased unemployment benefits, payments to state and local governments, health insurance premium tax credit increase, and a provision to make any student loan debt forgiven over the next few years tax-free (but the Act doesn't actually forgive any student loan debt. This provision is seen as paving the way for a future Act or Order to forgive student loan debt.)