The bill would make the full value of the credit available to low-income people who are currently ineligible or receive only a portion.
Biden’s Stimulus Plan
The legislation would also expand the child and dependent care tax credit for 2021, and it would supplement the earned-income tax credit for workers without children for one year as well. Through 2025, it would exempt student loan forgiveness from income taxes.
Money would go to fight the pandemic and to help states, local governments and schools.
The bill would provide funding for vaccine distribution as well as coronavirus testing, contact tracing and genomic sequencing. It would give money to the Federal Emergency Management Agency as well.
It would provide $350 billion for state and local governments and $130 billion to help schools reopen, according to the Senate Budget Committee. It also includes funding for colleges and universities, transit agencies, housing aid, child care providers and food assistance.
In addition, the bill contains funding to help businesses, including restaurants and live venues, and it includes a bailout for multiemployer pension plans that are financially troubled.
The Affordable Care Act would get a boost.
The bill would temporarily increase subsidies for people purchasing health insurance through the Affordable Care Act’s marketplaces. It includes billions of dollars for public health programs and veterans’ health care.
It also seeks to help those who have lost jobs keep the coverage they had through their employer, covering the full cost of premiums through a federal program called COBRA through September.