On November 5, 2021, the US House passed the Infrastructure Investments and Jobs Act (H.R. 3684) with a 228-206 vote. The US Senate passed the same version of the bill on August 10, 2021, and the bill was signed into law by President Biden on November 15, 2021. The Act’s provisions are intended to update the country’s aging infrastructure and include over $1.2 trillion billion in new spending. While much of the spending for the Act will be covered by unspent COVID relief measures and recouped unemployment insurance, Title VI-Other Provisions contains a number of tax provision and filing requirement changes meant to balance the remainder of the infrastructure spending. Two of the larger revenue raising items included on the tax side to offset the cost of the Act are an early end to the employee retention credit (“ERC”), except for recovery start-ups, and increased reporting and enforcement efforts on the digital currency market.
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Bennett Thrasher’s Tax practice can help you navigate the tax complexities of the Infrastructure Investments and Jobs Act (H.R. 3684) and assist in strategies to mitigate taxes and reporting obligations. To learn more about the Infrastructure Investments and Jobs Act (H.R. 3684), please contact Sam Heberton or Zack Leder by calling 770.396.2200.