The Senate Bill is 755 pages, much of which is devoted to prescription drugs and insurance and non-tax items. The President has not signed this bill as of today.
As to the major tax points, I have bold faced the ones affecting most
Americans:
Corporate Alternative Minimum Income Tax-Sec. 10101
·
Only applies to companies with greater
than $1 billion in book income. Not a concern for us.
Excise Tax on Repurchase of Corporate Stock-Sec. 10201
·
Only applies to publicly traded
companies. Not a concern for us.
IRS funding-Sec. 10301
·
Billions provided for the IRS. Not a
direct concern for us.
Energy Producer Credit-Sec. 13101
·
The current credit rate is extended from
the end of 2021 to the end of 2024, as has most other energy and fuel related
credits for energy producers.
Nonbusiness Energy Credits-Sec. 13301
·
Most residential energy credits (IRC Sec.
25C) like insulation, windows, doors and energy efficient furnaces are extended
through the end of 2032 instead of expiring at the end of 2021.
Residential Clean
Energy-Sec. 13302
·
The 2022-2032 home solar/wind credit (IRC
Sec. 25D) has been increased back to 30% for 2022 and extended for 10 years at
that rate.
Clean Vehicles or
Electric Car Credit-Sec. 13401
·
The $7,500 maximum credit is back, but
only if certain US component thresholds are met. According to the Congressional
Budget Office only 30% of electric vehicles would qualify under the stringent
thresholds of US material component requirements.
Used Electric Vehicles-Sec. 13402
·
A new credit equal to 30% (max $4,000)
would apply for buyers of electric vehicles that are more than 2 years old. It
must be bought from a dealer and be the 1st resale.
Qualified Refueling
Property Credit-Sec. 13404
·
The alternative energy refueling station
(or home electric car charger) credit was extended through 2032.
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