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Senate Democrats Release International Tax Discussion Draft Bill

Senate Finance Committee Democrats unveiled a “discussion” draft bill that would implement certain international tax proposals included in the Made in America Tax Plan.

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American Rescue Plan Act (ARPA) Phase 5 Stimulus Package—Highlights of Certain Key Tax-Related Provisions in ARPA

Practices: Tax

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On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA), in furtherance of the fifth phase of the federal government’s response to the COVID-19 crisis. The full text of the bill is published here. The key tax provisions of the Phase 5 Stimulus are summarized in this Alert, and include the repeal of the worldwide interest allocation election, an expansion of the employee retention credit, and additional economic impact payments for individuals.

Click here to read the full alert.

 A separate Ropes & Gray client alert (Key Employee Benefit Provisions of the American Rescue Plan Act of 2021) provides a summary of the key employee benefit plan and executive compensation-related provisions outlined in the ARPA.

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