The Build Back Better Act passed the U.S. House of Representatives on Friday, November 19, 2021 on a mostly party-line vote. The White House describes the key provisions as:
President Biden said:
Now, the Build Back Better Act goes to the United States Senate, where I look forward to it passing as soon as possible so I can sign it into law.
Without commenting on politics, hopefully all can agree we hope this controversial law will help America rebuild infrastructure without bankrupting the country. Nonetheless, for those concerned about taxes, the Journal of Accountancy describes key changes. Most tax changes impact corporations and high-income tax payers, but at least one change will benefit home-owners in States with high property taxes. It would:
increase the Sec. 164(b) limitation on the deduction for state and local taxes from $10,000 to $80,000 ($40,000 for married taxpayers filing separately and for trusts and estates) but would extend the limitation through 2031.
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