Tax Alert: Congress Approves Tax and Energy Bill

Aug 16, 2022

low-angle-view-of-marble-dome-of-United-States-Capitol-building-in-Washington-DC-with-blue-sky-and-visible-architecture-features.jpegCONGRESS APPROVES TAX AND ENERGY BILL

The Inflation Reduction Act of 2022 (H.R. 5376, previously the Build Back Better, “BBB,” Act) obtained final congressional approval when it passed the House in a party-line vote on August 12, 2022. This followed a similar partisan vote of 51-50 in the Senate on August 7, with Vice President Harris casting the tie-breaking vote. There was a flurry of debate last week on the Senate floor and a “Vote-a-Rama,” with various amendments submitted to modify the bill. Several amendments were adopted but nothing too significant that blocked the bill from final passage.

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UPCOMING WEBINAR: TAX LEGISLATION HEATING UP IN CONGRESS
Thursday, August 18 | 8:00 – 9:00 am CDT | 1.0 CPE Credit

After a slow start to the year, legislative activity has been heating up in Congress this summer. Join us this Thursday, August 18, as our tax team covers the following hot items: 

  • Latest developments on the “Inflation Reduction Act of 2022” tax bill as passed by Congress on August 12, 2022, formerly known as the “Build Back Better” bill
  • Updates on the “CHIPS” legislation, which provides incentives for businesses to enhance production of semiconductor chips and enhance research investment
  • Key provisions of the “Tax Cuts and Jobs Act” that take effect in 2022 and 2023
  • Recent developments and outlook with the proposed “SECURE 2.0” retirement legislation

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