In the 2021-2022 New York State (NYS) budget passed in late April NYS included a new pass-through entity tax (PTET), an optional tax for partnerships and S-Corporations that is due every year on March 15 and carry’s the individual income tax rates. The purpose of this optional tax is to alleviate the state income tax deduction limitation imposed under the Tax Cuts and Jobs Act of 2017.

The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the tax provisions in ARPA.

The American Rescue Plan, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, 2021).