The U.S. Senate just passed the Infrastructure Investment and Jobs Act (H.R. 3684). We are still awaiting the final version of the text, but various news sources have reported that the bill will:
- Repeal the Employee Retention Credit for the last calendar quarter of 2021, except for recovery start-up businesses; and
- Expand the cryptocurrency reporting requirements for cryptocurrency brokers, starting with the 2023 tax year.
Absent from the infrastructure bill are increases in tax rates for capital gains, corporations, or the top income tax brackets. These provisions are all being debated as part of the budget reconciliation bill.
The infrastructure bill is not yet a done deal. It will now move on to the House, where it is not guaranteed to pass in its current form.
Register today for Spidell’s Federal and California Tax Update webinar and save $20. Morning and afternoon sessions are available, and all attendees will receive a print copy of the materials. Click here for details.