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September 11, 2021

BREAKING TAX NEWS | House Ways & Means Committee releases part of legislative text of tax provisions in budget reconciliation bill

Late on September 10, the House Ways & Means Committee released one portion of legislative text on the tax changes in the proposed "Build Back Better Act." The proposed changes (Subtitles F, G, H, and J) relate to infrastructure pricing, green energy, the social safety net, and prescription drug pricing.

According to press reports, the Committee is expected to release a second, larger portion of the bill on September 13 that will include corporate and individual income tax rate increases and substantial changes to the international tax regime. The Committee plans to mark up both pieces of the legislation on September 14-15. Tax Alerts on the proposed changes are forthcoming.