• 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. House Democrats continue to negotiate a second legislative package containing numerous spending and revenue-raising measures from the president’s agenda, known as the Build Back Better Act. Track various federal tax proposals in our chart, which compares legislation put forth by the White House, the House of Representatives and the Senate. 

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.
Asset-21.png President Biden signs Infrastructure Investment and Jobs Act into law
The House passes the bipartisan infrastructure bill
Asset-12.png 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  
Asset-14.png Senate Democrats release details of proposed corporate minimum tax and billionaires tax
Details     Corporate Minimum Tax     Billionaires Tax  
Asset-20.png House Budget Committee introduces H.R. 5376, which contains tax provisions from the Ways and Means markup
Bill text  
Asset-22.png House Budget Committee advances the reconciliation bill
Bill text  
Asset-21.png House Ways and Means approves tax provisions to be included in larger reconciliation legislation
Asset-19.png House Ways and Means draft legislation released
Details     Ways and Means markup  
Asset-17.png Discussion draft by the Senate for partnership proposals released
Details     Partnership proposals  
Asset-16.png Discussion draft by the Senate for international proposals released
Details     International proposals  
Asset-15.png House passes $3.5T budget resolution to enable drafting of the reconciliation bill
Details     Concurrent resolution  
Asset-12.png American Rescue Plan Act of 2021 signed into law
Details     American Rescue Plan Act  


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 infrastructure reconciliation bill 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 Infrastructure Two 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.