Tax credits

The bipartisan infrastructure bill that the House passed over the weekend and sent to President Biden’s desk includes some tax-related provisions, including an early expiration of the Employee Retention Tax Credit and new rules for reporting on cryptocurrency transactions.

The $1.75 trillion package marks a dramatic shift toward boosting support for families with children.

The Section 179D incentive would jump from $1.80 per square foot for efficiency improvements to a sliding scale between $2.50 and $5.

Economic development credits and incentives programs traditionally are applied to two areas: new investment and new jobs.

Under the 2017 Tax Cuts and Jobs Act, R&E expenses paid or incurred after 2021 must be capitalized and amortized over five years (15 years if research is performed overseas).

The Democratic Senator said there’s little chance that Congress can complete work on President Biden’s economic agenda by the end of the month.

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid.

An open letter last week expressed bipartisan opposition to proposals to retroactively end the credit before the end of the fourth quarter.

It can help firms and clients improve their bottom line, while boosting diversity, team morale and community relations.

Lawmakers are seeking to extend the recently expanded tax break through 2025, endorsing a key component of the president’s social safety net plan.