House Budget Committee approves $1.9 trillion rescue plan

The House Budget Committee on Monday voted 19-16 to approve the $1.9 trillion rescue plan.

After approving the bill, the Committee will debate adding non-binding resolutions to the bill. This means that any measure added to the bill will not be required to be followed.

The legislation now travels to the House Rules Committee where binding amendments can be added to the bill.

The House chamber is expected to vote on the rescue bill later this week where passage is expected.

The legislation includes provisions from nine House committees, including the tax-writing House Ways and Means Committee, which recently vetted and passed its rescue plan.

Below are some of the provisions that the House Ways and Means Committee approved for the rescue plan: 

• A $1,400 refundable tax credit for each family member, which shall be paid out in advance payments. The credit phases out between $75,000 and $100,00 of adjusted gross income ($112,500 and $150,000 for head of household filers and $150,000 and $200,000 for joint filers) based on information on 2019 or 2020 tax returns.  
• Extending the Employee Retention Credit from July 1, 2021, to January 1, 2022.  
• Extending temporary federal unemployment and benefits through August 29, 2021, and increasing the weekly enhanced benefit from $300 to $400.  
• Expanding the Child Tax Credit to $3,000 per child 17 years old and under ($3,600 for children under 6) and makes it fully refundable and advanceable.  
• Expanding the Child and Dependent Tax Credit to allow families to claim up to half of their childcare expenses.  
• Enhancing the Earned Income Tax Credit for workers without children by nearly tripling the maximum credit and extending eligibility.  
• Reducing health care premiums for low- and middle-income families by increasing the Affordable Care Act’s (ACA) premium tax credits for 2021 and 2022.  
• Excluding amounts received from the Administrator of the Small Business Administration in the form of a Restaurant Revitalization Grant from gross income. 

The House Ways and Means Committee’s section-by-section summary of its provisions can be found here.