On December 27, 2020, the president signed the Consolidated Appropriations Act, 2021 (the Act), which resulted in its enactment into law. The Act includes the tax credit extensions described in the blog post below of December 22.
The White House press release included the following statement that gave some readers pause: “I am demanding many rescissions under the Impoundment Control Act of 1974.” This statement does not impact the extension of the tax credits: the result of the recessions is that the rescinded funds are withheld from being spent by an officer or employee of the federal government. See House Budget Committee Explanation. However, the tax credit extensions, although resulting in a loss of revenue to the Treasury, do not involve spending; hence, they are not subject to the recession.
For those interested in appropriation measures (i.e., spending (not taxes)), the president’s recession is void, if both the House and Senate do not approve it within 45 days. Id. Most such requests have been ignored by Congress. Accordingly, the funding for the spending measures the president seeks to rescind is likely to be available in February (baring approval by Congress).
Here is the link to the full text of the Act: H.R. 133.