- Increasing the corporate tax rate to 28 percent (from 21 percent currently),
- Changing how U.S. corporations are taxed on international operations including increasing the minimum tax on U.S. corporations to 21 percent and calculating it on a country-by-country basis, eliminate the exemption of a 10 percent return on tangible investment abroad (QBAI) and making it harder for U.S. corporations to “invert”,
- Adding a 15 percent minimum tax on the income corporations use to report their profits to investors—known as “book income”,
- Increasing audits of large corporations,
- Adding a new tax credit to provide incentives to low- and middle-income families and to small businesses to invest in disaster resilience,
- Creating a targeted investment tax credit that incentivizes the buildout of at least 20 gigawatts of high-voltage capacity power lines,
- Proposing a ten-year extension and phase down of an expanded direct-pay investment tax credit and production tax credit for clean energy generation and storage, and
- Proposing an expanded tax credit to encourage businesses to build childcare facilities at places of work.
Partridge Snow & Hahn counsel Russell Stein is ready to answer further questions and advise your business on the tax related provisions included in The American Jobs Plan. For additional information and resources visit the firm’s COVID-19 Advisory Group page.