The Infrastructure Investment and Jobs Act, signed by the President on November 15, 2021.
The act expands cryptocurrency reporting requirements in an effort to stem underreporting of cryptocurrency transactions.
- The Employee Retention Credit
Under The American Rescue Plan Act of 2021 for wages paid after September 30, 2021, the credit has been eliminated.
- Employer-Sponsored Retirement Plans
The relaxation of minimum funding requirements for employer-sponsored retirement plans is further extended, adding tax revenue projections as funding requirements are decreased.
- Contributions to Water and Sewer Utilities
An exclusion for contributions to a regulated public utility for water or sewer construction is restored.
- Private Activity Bonds
The authorized private activity bond uses are expanded to include qualified broadband projects and qualified carbon dioxide capture facilities.
- Excise Taxes
The excise taxes on fuels, retail sales of heavy trucks and trailers, and tires are expanded.
- Superfund Excise Taxes
These are restored.
- Disaster Relief
Some disaster-relief tax deadlines are extended.
- Tax Deadlines
The types of tax deadlines that are extended due to service in a combat zone are expanded.