On November 5, 2021, the House of Representatives passed the more than $1 trillion Infrastructure Investment and Jobs Act (H.R. 3684). The President is planning to sign the bill on Monday November 15, 2021.
This new Bill does not contain a lot of tax provisions (the type of items we’re interested in 😃), but one of the major provisions of the new Bill related to tax is that the employee retention credit (ERC) will end as of the 3rd quarter of 2021. The CARES Act originally made the ERC available to eligible employers for 3rd and 4th quarter wages paid, but with the passage of this bill, the 4th quarter wages are no longer eligible for the ERC. The Act provides that the employee retention tax credit applies to wages paid by an eligible employer after June 30, 2021, and before October 1, 2021.
To read further tax related items contained in this bill, read this AICPA article here.
Further details about this Bill can be found in this article from Thomson Reuters here.