INDIANAPOLIS — Indiana will receive nearly $6 billion from the latest COVID-19 relief bill, the governor's office estimates.
Those preliminary estimates show $3 billion of the estimated $5.8 billion will go toward the state itself, with $2.6 billion to local counties, cities and towns and $200 million earmarked for a state capital projects fund.
President Joe Biden signed the $1.9 trillion "America Relief Plan" into law Thursday at the White House.
For many Americans, the signing means another round of stimulus checks hitting their bank account. Most taxpayers will receive a $1,400 stimulus check, which could be deposited as early as this weekend.
The bill will also provide an increased tax break for parents of children age 17 and under. Currently, most taxpayers can reduce their federal income tax bill by up to $2,000 per child. The bill would increase the tax break to $3,000 for every child age 6 to 17 ($250 per month) and $3,600 for every child under the age of 6 ($300 per month).
The maximum benefit would go to individuals making up to $75,000 and couples filing jointly making up to $150,000. After that, the money starts to be phased out at intervals of $50 per every $1,000 of adjusted gross income.
The new law will also make student loan forgiveness tax-free for the next several years. While this would not wipe out student loan debt, some advocates say it clears a path for Biden to cancel the debt in the future.
The president has previously voiced his support for Congress eliminating $10,000 in student loan debt for individuals.