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Build Back Better Act Moving on to U.S. Senate Following House Approval — Orbitax Tax News & Alerts

The Build Back Better Act (Bill H.R. 5376) was passed in the U.S. House of Representatives on 19 November 2021 by a vote of 220-213. As passed, the bill contains several corporate tax provisions, including a new 15% minimum tax on adjusted financial statement income for corporations with such income in excess of USD 1 billion, a 1% excise tax on stock repurchases, increased taxation of Global Intangible Low Taxed Income (GILTI) and Foreign-Derived Intangible Income (FDII) through reduced deductions, and changes in foreign tax credit determination and the Base Erosion and Anti-Abuse Tax (BEAT). The bill now goes to the U.S. Senate, where revisions are expected. The revised bill must then be passed in the Senate and sent back to the House for another vote before it can be sent to the president and signed into law.