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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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Consolidated Appropriations Act (CAA) Phase 4 Stimulus Package—Highlight of Certain Key Tax-Related Provisions in the CAA

Practices: Tax

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Coronavirus Landing Site

On December 21, 2020, a bipartisan agreement was reached on the Consolidated Appropriations Act 2021 (CAA or Phase 4 Stimulus), in furtherance of the fourth phase of the federal government’s response to the COVID-19 crisis. (The bill was passed on December 21, 2020 by both the House of Representatives and the Senate.) The key tax provisions of the CAA are summarized in this Alert, and include an expansion of the employee retention credit, an additional deferral of payroll taxes, additional economic impact payments for individuals, and a second round of the Paycheck Protection Program (PPP). 

Click here to read the full Alert.

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