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November 2, 2021
FIRST IMPRESSIONS | Rules Committee releases modified "Build Back Better Act" international tax proposals
On 28 October 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 Joe 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 13 September 2021 (the HW&M Proposal), by Chairman Neal of the House Ways & Means Committee (see EY Tax Alert, House Ways and Means Committee Chair proposes comprehensive international tax changes for reconciliation bill, dated 17 September 2021), 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.
For additional information with respect to this Alert, please contact the following:
Ernst & Young LLP (United States), International Tax and Transaction Services