KPMG reports that the House has passed bipartisan infrastructure bill with tax provisions, completing congressional action (Nov. 5, 2021). It’s summary begins as follows:
The U.S. House of Representatives tonight passed H.R. 3684, the “Infrastructure Investment and Jobs Act.” The vote was 228 to 206. The legislation includes tax-related provisions.
The U.S. Senate passed the same version of the bill on August 10, 2021 on a bipartisan basis. Read TaxNewsFlash. Thus, congressional action of this bill has been completed. Once the House forwards the bill to the White House, it will be ready for action by the president.
H.R. 3684 is one of two major priorities on which congressional Democrats have been focusing. The other is H.R. 5376, the “Build Back Better Act” (proposed legislation that also includes tax provisions). Neither the House nor the Senate has yet voted on H.R. 5376, which Democrats are attempting to advance using budget reconciliation procedures.
Note that among other tax provisions are reporting requirements for digital assets such as cryptocurrency, certain changes regarding tax -exempt bonds, and certain procedural changes regarding Tax Court petitions.
To see the full report with summary of infrastructure tax provisions and download the detailed report, click here.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.