This week, the Treasury created the Office of Recovery Programs, which will oversee the implementation of various recovery efforts. Also find more information on American Rescue Plan funding breakdowns from the National Association of Counties and the National League of Cities.
Treasury creates a new office to lead recovery efforts
The U.S. Department of the Treasury has created an Office of Recovery Programs, which will oversee the implementation of various recovery efforts. For more information, CLICK HERE
Treasury issues statement on fiscal recovery funds, funding restriction
The American Rescue Plan Act restricts the recovery funds from being used by states and territories to offset a reduction in net tax revenue resulting from certain changes in law. The statement addressed concerns about states that want to change income tax rules to conform their tax law with recent changes in federal income tax law. The Treasury indicated that this is allowed. For more information, CLICK HERE
The National Association of Counties (NACo) presents a breakdown of county American Rescue Plan funding
The American Rescue Plan includes $65.1 billion in direct aid to counties. To learn more and see a county-by-county estimate of funding, please CLICK HERE.
The National League of Cities (NLC) presents a breakdown of municipal American Rescue Plan funding
The American Rescue Plan includes $65 billion in funding for municipalities. To learn more and see a city-by-city estimate of funding, please CLICK HERE.