Following passage by the Senate earlier this month, the House today passed the Inflation Reduction Act, a bill to address selected portions of the Biden administration’s agenda for climate change, healthcare and tax policy. The House adopted the same legislation that passed the Senate, and the bill now moves to President Biden for his signature.
As previously reported in ABA Daily Newsbytes, the legislation includes a book minimum tax (affecting corporations with income over $1 billion), and favorable adjustments for depreciation, selected amortization and controlled groups were made as the bill moved through the Senate. In addition, a 1% stock buyback excise tax on public companies and an extension of the excess business loss limitations were included. Generally, the tax revenue provisions are effective for 2023 forward.
The bill also includes rules related to prescription drugs, large expenditures on green energy and adds $80 billion over 10 years to the IRS budget to improve tax compliance, operations and enforcement. Importantly, a controversial reporting provision—that would have required banks to report information on gross inflows and outflows on customer accounts above a certain de minimis level—was omitted from the reconciliation package. The American Bankers Association, together with other financial trade groups and bank customers, had vigorously opposed the proposal last year. The association continues to evaluate the bill’s provisions to determine its full implications for banks.
House Democrats pass reconciliation package & Latest News Update
House Democrats pass reconciliation package & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
House Democrats pass reconciliation package & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links