While many tax advisors were busy working to wrap up September 15th deadlines on Monday, House Ways & Means Committee Chairman Richard Neal released 881 pages of proposed legislative text intended to become part of the Build Back Better Act, a budget reconciliation bill forthcoming from Congress. That same day, Ways & Means Committee staff prepared and released an 18-page, section-by-section outline of the potential tax legislation required to cover the Biden administration’s $3.5 trillion spending plan. It’s still early in the legislative process and what will become law is still somewhat of a guessing game. But we are at the stage when we start following the proposals more closely, and today we highlight the more significant provisions in the House bill…in significantly fewer pages.
Click here to continue reading.