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House Democrats passed the reconciliation package

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After passing the Senate earlier this month, the House of Representatives today passed the Inflation Reduction Act, a bill that addresses parts of the Biden administration’s climate change, health care and tax policy agenda. The House passed the same legislation that passed the Senate, and the bill now goes to President Biden for his signature.

As previously reported in the ABA Daily Newsbytes, the legislation includes a minimum tax (which affects corporations with more than $1 billion in revenue), as well as favorable depreciation, elective depreciation, and controlled group amendments that were introduced during the bill’s passage through the Senate. In addition, a 1% excise tax on share buybacks for public companies and expansion of excess business loss limits were included. Generally, the tax revenue provisions are effective from 2023.

The bill also includes regulations related to prescription drugs, large green energy spending and adds $80 billion over 10 years to the IRS budget to improve tax compliance, operations and enforcement. Importantly, a controversial reporting provision – which would have required banks to report gross inflows and outflows on customer accounts above a certain minimum level – was dropped from the deal. The American Bankers Association, along with other financial groups and bank customers, strongly opposed the proposal last year. The association continues to evaluate the provisions of the bill to determine its full implications for banks.

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