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That process is commonly called FUTA credit reduction and was designed as an involuntary repayment mechanism. The reduction schedule is 0.3% for the first year and an additional 0.3% for each succeeding year until the loan is repaid. From the third year onward, there may be additional reduction(s) in the FUTA tax credit (commonly dubbed "add-ons").
The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy.
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
"2020 brought on a record-setting credit card debt reduction," Gonzales said. "However, during 2021, consumers added over $86 billion in new credit card debt back to their tab, [and] we've yet to ...
Under the American Rescue Plan of 2021, the enhanced federal Child Tax Credit (CTC) provided working American families with $3,000 per child under 18 years of age and $3,600 per child age five and...
The expanded Child Tax Credit approved during the COVID-19 pandemic lifted nearly 3 million U.S. children out of poverty in 2021, according to U.S. Census Bureau data. When the program ended last...