Tim Sarson (KPMG) reviews the international landscape, including renewed impetus to implement Pillar Two and the latest US tax developments.
US: Inflation Reduction Act
On 16 August 2022 President Biden signed into law what is commonly referred to as the ‘Inflation Reduction Act of 2022’. The Bill was passed by the Senate on 7 August followed by the House of Representatives on 12 August. The legislation moved through Congress through a budget reconciliation process which allows some legislation to move through the Senate by only a majority vote.
The legislation includes significant changes related to tax climate change energy and health care. Despite this being a significant breakthrough for Democrats the new law is smaller in scope and spending and includes fewer revenue-raising provisions than what was included in the Build Back Better Initiative (BBBA).
The tax measures include:
an alternative minimum tax...
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Tim Sarson (KPMG) reviews the international landscape, including renewed impetus to implement Pillar Two and the latest US tax developments.
US: Inflation Reduction Act
On 16 August 2022 President Biden signed into law what is commonly referred to as the ‘Inflation Reduction Act of 2022’. The Bill was passed by the Senate on 7 August followed by the House of Representatives on 12 August. The legislation moved through Congress through a budget reconciliation process which allows some legislation to move through the Senate by only a majority vote.
The legislation includes significant changes related to tax climate change energy and health care. Despite this being a significant breakthrough for Democrats the new law is smaller in scope and spending and includes fewer revenue-raising provisions than what was included in the Build Back Better Initiative (BBBA).
The tax measures include:
an alternative minimum tax...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
