On November 5, the House voted to pass the Infrastructure Investment and Jobs Act (IIJA), which had previously passed in the Senate. The bill now heads to the White House, where President Biden is expected to sign it into law.
Though the main focus of the new legislation is on allocating tax dollars for infrastructure investment throughout the nation, the IIJA also contains a number of tax provisions. A recent article from the Journal of Accountancy offers a helpful overview of the tax changes, which include the following:
- An early end to the employee retention credit (ERC)
- New reporting requirements for brokers working with cryptoassets
- Modification of automatic extensions for taxpayers affected by federally declared disasters and the language defining a disaster area
- Extensions of some highway-related taxes
- Extensions and modifications of some superfund excise taxes
- Allowance of private activity bonds for broadband projects and carbon dioxide capture facilities that meet certain qualifications
For further details, click here to read the article in full.