周一, 11月15日, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA). This bill is separate from the proposed Build Back Better legislation and is the first of two pieces of legislation that the President has been advocating.
IIJA提供1美元.2 trillion dollar spending package targeting improvement to the nation’s infrastructure, 包括高速公路, 铁路, 公共交通, 机场, 水路和港口, 饮用水系统, 电网和宽带. This bill does have some 税-related provisions included.
Infrastructure Investment and Jobs Act 税-related provisions
- Terminating the employee retention credit earlier than scheduled. Wages paid after September 30, 2021 are no longer eligible.
- Requiring information reporting with respect to digital assets such as cryptocurrency, generally effective for returns and statements required to be filed or furnished after December 31, 2023.
- Extending certain Superfund excise 税es through December 31, 2031 and modifying the amount of 税 applicable to certain chemicals, 一般自7月1日起生效, 2022.
- Extending various highway-related excise 税es (including fuel 税es and heavy vehicle use 税es).
Regarding the status of the Build Back Better legislation, 众议院将于本周复会, and Democrats will be aiming to vote this week on the second larger piece of President Biden’s spending and 税 agenda. There may now be enough Democratic votes for the legislation to pass in the House, assuming a cost and revenue estimate from the Congressional Budget Office is scored largely in line with administration estimates stating the bill is fully paid for.
However, it is still expected that the Senate will have changes to the House Bill (H.R. 5376), which will further delay a vote in that chamber of Congress likely until after Thanksgiving. Senate Democrats are still resolving differences over 税es, “老年医保”开支, 带薪探亲假和移民. Intricate Senate procedural rules also impact the voting timeline. Senate Majority Leader Chuck Schumer said in a letter Sunday to Senate Democrats, “在如此重大的法案上, 这个过程需要时间和耐心.没有给出投票的时间表.
The House will then need to agree to any Senate changes before a final bill can be sent to the White House for President Biden’s signature. It looks more likely that it may be the middle to end of December before Americans know with any certainty what their 2021 and 2022 税es will look like.
