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.
 

Downloads – Download Document

Visit us at mayerbrown.com

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe - Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2020. The Mayer Brown Practices. All rights reserved.

This 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.