![]() Observation: The stock repurchase excise tax was added to a revised version of the bill that had been released on August 6 to make up for revenue lost by removing a “carried interest” provision and by disregarding certain accelerated cost recovery expenditures from the book-income alternative minimum tax provision. a two-year extension of the excess business loss rules under Section 461(l), adopted under a Senate floor amendment which was stated by its sponsor to raise $55 billion over 10 years.an $80 billion increase in IRS tax enforcement funding, which is projected to increase federal tax receipts by $204 billion over 10 years and.a 1% excise tax on a publicly traded US corporation for the value of its stock that is repurchased by the corporation during the tax year, which is estimated to raise $74 billion over 10 years.a 15% book-income alternative minimum tax on corporations with financial accounting profits over $1 billion, which has been estimated to raise $258 billion over 10 years prior to a Senate floor amendment described below.President Biden and Democratic leaders hope to see the narrowly divided House approve the bill without change so it can be signed into law before the end of August. ![]() ![]() The Senate action clears the way for the House to return from its August recess on Friday, August 12 to consider the bill. The tie-breaking vote in the evenly divided Senate was provided by Vice President Kamala Harris. The Senate on August 7 voted 51 to 50 along party lines to pass the “Inflation Reduction Act'' budget reconciliation bill (the bill).
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