Between changing tax rates, new tax credits and incentives, legislation responding to challenging economic environments, and more, taxpayers must navigate a rapidly evolving policy landscape. While the passage of the Inflation Reduction Act (IRA) in August 2022 brought fewer tax changes than previously proposed in the Build Back Better Act (BBBA), key tax changes were retained. These changes created sweeping tax credits and incentives for the renewable energy industries, businesses supplying that industry, and businesses and individuals using energy-efficient property and vehicles. Additional tax changes impacted large and public corporations, pass-through business owners, IRS funding, and other enhancements to tax rules.
The Infrastructure Investment and Jobs Act (the Infrastructure Act) was another change for businesses and taxpayers. Passed in 2021, the Infrastructure Act provided funding for national infrastructure projects and included notable tax changes, such as the early expiration of the employee retention credit (ERC).
Curious about how current and future legislative developments will impact individual, corporate, and international tax? Our team of tax experts track the latest developments in tax policy to keep you informed. Explore more from our tax leaders.