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With the recent release of President Biden’s American Jobs Plan, corporations can expect to see tax increases in the near future to help fund the $2 trillion infrastructure plan.
Focused heavily on improving the U.S. transit infrastructure, the American Jobs Plan outlines intentions to improve roads, waterways, airports and other public transportation systems. While the plan does include some tax incentives for clean energy, electric vehicles and domestic manufacturing, it’s embedded Made in America Tax Plan calls for many revenue-raising tax provisions.
Most of the provisions in the Made in America Tax Plan are aimed directly at corporations. According to the White House Summary, the intention of the Biden administration is to ensure corporate America pays their fair share of taxes, discourage offshoring and strengthen global tax for U.S. multinational corporations. This should come as no surprise to many, as it aligns with what was initially presented during the 2020 presidential campaign.
Expected to increase federal revenues by over $2 trillion in the next 15 years and fund the infrastructure improvements, the proposed corporate tax provisions includes:
Also mentioned in the plan, is a variety of tax incentive proposals that would help support the administration’s agenda, which includes:
Although vague in its details, one thing is for sure, the Made in America Tax Plan will have major tax implications for U.S. companies doing business domestically and abroad. Specific details related to the proposal are expected to be released in the weeks to come. In the meantime, Doeren Mayhew’s tax advisors can help your company evaluate the potential effects of the proposed tax changes and develop strategies to combat its impact on your bottom line. Contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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