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Proposed Senate Legislation Would Impose Corporate Minimum, Excise Taxes; Increase Funding for IRS

On August 7, 2022, the Senate passed the Inflation Reduction Act of 2022 (the “Act”) that, among other provisions:

i. Establishes a new 15% corporate alternative minimum tax for certain large corporations based on adjusted financial statement income,

ii. Establishes an excise tax on public company corporate stock buybacks, and

iii. Increases IRS funding.

In contrast, the Act does not include the proposal included in the original bill to expand the special holding period rules applicable to carried interest, which was discussed in our previous Alert.

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Pension Protection Act Affects Charitable Giving and Exempt Organizations


Time to Read: 1 minutes Practices: Tax

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In addition to reforming the employer-based pension system, the Pension Protection Act of 2006 contains important charitable giving incentives and exempt organization reforms. Among the significant provisions of the Act, which is expected to be signed into law shortly, is the IRA charitable rollover. For a thorough analysis of that and other provisions of the Act affecting charitable giving and exempt organizations, please click "Download PDF" to read Ropes & Gray's client alert.

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