October 29, 2021
FIRST IMPRESSIONS | Rules Committee releases modified "Build Back Better Act" tax proposals
On October 28, 2021, the House Rules Committee released new proposed legislative text of the "Build Back Better Act" (the BBBA) to reflect the revised framework announced by President Biden earlier in the day. The BBBA would fund expanded health coverage, affordable housing, universal pre-kindergarten and child care, clean energy and climate investments, in part through significant changes to the international tax rules.
While consistent with the BBA version released on September 13, 2021 (the HW&M Proposal), by Chairman Neal of the House Ways & Means Committee (see Tax Alert 2021-9023), the Rules Committee Proposal contains many significant changes. A comparison of significant international tax provisions of the HW&M Proposal and the Rules Committee Proposal is attached. Several of the international provisions are still the subject of negotiation, and additional changes are likely in any finally enacted legislation.
Build Back Better Act proposals