New credit for COBRA premium assistance payments. The ARP adds new section 3134 to the Internal Revenue Code to provide an employee retention credit similar to the credit that was previously enacted under the CARES Act and amended and extended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was amended by recent legislation.
The American Rescue Plan Act of 2021 (the ARP) adds new sections 3131, 3132, and 3133 to the Internal Revenue Code to provide credits for qualified sick and family leave wages similar to the credits that were previously enacted under the FFCRA and amended and extended by the COVID-related Tax Relief Act of 2020. The FFCRA requirement that employers provide paid sick and family leave for reasons related to COVID‐19 (the employer mandate) was extended per the COVID-related Tax Relief Act of 2020. The Families First Coronavirus Response Act (FFCRA) was amended by recent legislation.
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