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Timeline of U.S. Tax Legislative Developments
The first major legislative package to address President Biden’s domestic agenda and policy priorities, the Infrastructure Investment and Jobs Act, was signed into law on November 15, 2021. Although House Democrats managed to pass a second legislative package —the Build Back Better Act—2021 ended without Senate action on the bill and it is unclear whether the legislation will be able to move forward. For a comparison of the various proposals to this legislation from the White House, the House of Representative and the Senate,
visit here.
Navigate through our timeline to review important milestones in the legislative process and to explore BDO’s analysis of the events as well as the original documents.
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December |
| 19 |
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2021 ends without Senate action on the Build Back Better Act
Details |
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| 11 |
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Senate Finance Committee Releases Updated Text of Build Back Better Act Tax Measures
Details Bill Text |
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November |
| 19 |
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| 15 |
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President Biden signs Infrastructure Investment and Jobs Act into law
Details |
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| 5 |
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The House passes the bipartisan infrastructure bill
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October |
| 28 |
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White House announces a framework for Build Back Better agenda
Details White House Framework
House Budget Committee releases a reworked H.R. 5376, eliminating many previously proposed tax increases that would have impacted individuals
Details Bill Text |
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| 27 |
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September |
| 27 |
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House Budget Committee introduces H.R. 5376, which contains tax provisions from the Ways and Means markup
Bill text |
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| 25 |
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House Budget Committee advances the reconciliation bill
Bill text |
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| 15 |
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House Ways and Means approves tax provisions to be included in larger reconciliation legislation
Details |
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| 13 |
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| 10 |
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Glossary
The bipartisan
Infrastructure Investment and Jobs Act, which was signed into law November 15, 2021, is a $1 trillion infrastructure spending package that includes investments in roads, bridges, rail, airports, electric vehicles, clean water and broadband internet. Although the new law does not contain broad tax policy changes, there are a few tax-related items as discussed in our November 5, 2021, alert. More comprehensive tax policy changes are expected in a subsequent infrastructure reconciliation bill.
The
Build Back Better Act started as an estimated $3.5 trillion package intended to address “human infrastructure” priorities such as the extension of the child care tax credit, healthcare, immigration and climate change. The reconciliation framework, which was approved by the Senate on a party-line 50-49 vote, set the stage for the budget reconciliation process; legislation passed under these procedures generally cannot be filibustered, so that only a simple majority is required for Senate passage (read our review of the
current state of play for further details). The latest package is estimated at $1.75 trillion.
The
Green Book is the Treasury Department’s comprehensive explanation of an administration’s fiscal year revenue policies. The fiscal year 2022 Green Book includes proposals to raise tax rates for corporations and high-income earners, modify or repeal significant international tax provisions and more.