Ways and Means releases additional proposals for markup, including tax credits and incentives

Tax credits and incentives for a number of industries and individual taxpayers

Tax credits and incentives for a number of industries and individual taxpayers

The discussion below ultimately resulted in action by the Ways and Means Committee which on September 15, 2021, approved a tax legislative package. Read a KPMG report [PDF 2.3 MB] (203 pages) that provides a summary and analysis of the tax proposals: “Build Back Better Act” tax proposals, as approved by Ways and Means (September 16, 2021)


House Ways and Means Committee Chairman Richard E. Neal (D-MA) last night released additional legislative text [PDF 1.38 MB] to be marked up in committee on Tuesday, September 14, 2021.

The proposal would provide tax credits and incentives for a number of industries and individual taxpayers. According to the Committee’s press release, the legislation is intended to:

  • Support clean energy investment and deployment, and the creation of good, well-paying jobs
  • Extend the extremely impactful American Rescue Plan expansion of the child tax credit, and makes permanent the American Rescue Plan expansions of the earned income tax credit and the child and dependent care tax credit
  • Reinstate Build America Bonds and advanced refunding bonds to provide financing to state and local governments and spur investment in the private sector
  • Expand proven tax credit programs that encourage economic and affordable housing investments in our communities that are most in need
  • Lower prescription costs for Americans by allowing the HHS Secretary to negotiate for lower drug prices
  • Provide immediate coverage for Americans in the Medicaid coverage gap
  • Extend the American Rescue Plan’s expanded premium tax credits to help lower health insurance costs

A technical explanation of the proposed credits and incentives has not yet been released.

Chairman Neal also has not yet released the revenue-raising proposals that Ways and Means is expected to consider after the tax incentives and credits. 

 

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