Congress late on December 21 approved a $2.4 trillion legislative package to fund the federal government through the end of the fiscal year, provide further COVID-19 economic relief, and extend certain expiring tax provisions. Additional measures include provisions to eliminate ‘surprise’ medical billing. The House passed the legislation by a vote of 359 to 53 and the Senate voted 92 to 6 to clear the legislation for President Trump’s expected signature.
Businesses and individuals should review how they may benefit from the COVID relief measures and tax extender provisions being enacted as part of this year-end government funding package. Stakeholders also should continue to engage with policymakers as the legislation is implemented and as additional relief measures affecting their business operations and employees are considered in 2021.
For the Joint Committee on Taxation revenue estimates, click here.
For the 5,596 page text of the Consolidated Appropriations Act, 2021, click here.