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On September 15, 2021, the House of Representatives Ways &
Means Committee approved proposed tax legislation to be included in
the 2021 budget reconciliation legislation currently under
consideration in Congress. The tax provisions are included in a
bill titled the "Build Back Better Act." These tax
proposals are extensive and far-reaching, akin in scope (but not in
substance) to the changes to the US Tax Code made by the 2017 Tax
Cuts and Jobs Act. The legislation has a way to go before it is
enacted into law but nonetheless provides an overview of changes
likely to find their way into the Internal Revenue Code. In the
attached Legal Update, the Mayer Brown Tax practice provides an
overview of the proposed changes that are likely to be of interest
to both businesses and individuals subject to US tax.
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Mayer Brown article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein.