Corporate taxes

Companies that have thought about the tax implications of a spin-off should also consider the implications for the tax function itself.

Included in the $433 billion Inflation Reduction Act is a 10-year production tax credit for nuclear energy producers.

The Arizona Democrat, a pivotal vote in the Senate, is asking to drop a provision from the bill that would scale back a tax break for fund managers, known as carried interest.

The bill would impose a 15% minimum tax on large corporations, beef up tax audits and force drug companies to offer Medicare lower prices.

The Joint Committee on Taxation found that some middle- and low-income households could pay $16.7 billion in additional taxes next year as a result of the draft bill.

Now that Senator Joe Manchin is on board with a $433 billion tax and climate bill, Democrats, Republicans and the private equity industry all are trying to suss out where the Arizona lawmaker stands.

About half of a new alternative corporate income tax would be paid by companies that self-identify as manufacturers.

The legislation would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon.

Democrats are seeking to pass the bill this week in the Senate and in the House next week.

A minimum corporate tax rate wouldn’t spark higher consumer prices, according to the senator.