Houses Passes Infrastructure and Jobs Act
November 12, 2021
On Friday November 5, 2021 the House passed the infrastructure Investment and Jobs Act (H.R.3684), which is currently awaiting President Biden’s signature. The bill provides for $1.2 trillion to be spent on a broad range of infrastructure items such as new roads, bridges, railroads, public transit, airports, ports, electric vehicles, road safety, utilities, broadband, cybersecurity and climate change mitigation.
There are also still many proposals and tax law changes contained in the Build Back Better Act that are in the discussion phase in Congress. None of those proposals are included here.
The Infrastructure Investment and Jobs Act includes a variety of changes, of which include:
- Automatic 60-Day extension for qualifies taxpayers impacted by federally declared disasters
- The expansion of the definition of ‘federally declared disasters’ to include significant fires
- The retroactive termination of the Employee Retention Credit (ERC) as of September 30, 2021, unless a business qualifies as a recovery start up business
- Additional information reporting requirements for digital assets
- Extension of pension interest rate smoothing
- Extension of excise taxes
For more detail on these changes click here to read our full article.
As always, we appreciate the opportunity to work with you and are available to answer any questions or concerns you may have.
Gatto, Pope & Walwick, LLP
Certified Public Accountants