Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

November 2, 2021
2021-6130

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.

____________________

ATTACHMENT

Build Back Better Act proposals

_________________________________

For additional information with respect to this Alert, please contact the following:

Ernst & Young LLP (United States), International Tax and Transaction Services

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct