ABSTRACT

Senate Finance Committee Tax Provisions in the Build Back Better Act [December 22, 2021]   [open pdf - 1MB]

From the Document: "On December 11, 2021, the Senate Finance Committee released updated legislative text of the Build Back Better Act. This text updates the version of the Build Back Better Act (BBBA; H.R. 5376) that was passed in the House on November 19, 2021. This report summarizes the tax provisions in the Senate Finance Committee's version of the Build Back Better Act. [...] A number of the tax provisions in the Senate Finance Committee's Build Back Better Act text are designed to raise additional federal tax revenue. [...] Other tax provisions in the Senate Finance Committee's Build Back Better Act text would reduce tax liability for individual taxpayers or businesses engaged in certain types of economic activities. [...] The descriptions of the Senate Finance Committee's Build Back Better Act provisions below note whether these provisions were identical or nearly identical to, or a modification of, the House-passed version of the provision. Two provisions that were in the House-passed version were removed in the Senate Finance Committee text: (1) a provision providing that rents from prison facilities could not be treated as qualified income for the purposes of REIT [real estate investment trust] income tests; and (2) a provision that would have imposed a tax on certain nicotine products. A new provision added in the Senate Finance Committee text would modify rules relating to expatriated entities and inverted corporations."

Report Number:
CRS Report for Congress, R46998
Author:
Publisher:
Date:
2021-12-22
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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