Build Back Better Act on the Move

On November 19, 2021, the House of Representatives passed the Build Back Better Act (BBB). BBB now heads to the Senate, where it is expected to be debated further prior to any vote occurring.

For the most part, BBB remains unchanged from the version of the bill released on November 3, 2021. However, one item of note in this third version is the proposed state and local tax (SALT) cap modification. The SALT cap would be raised for years beginning after December 31, 2020 and before January 1, 2031 from $10,000 to $80,000 ($40,000 for estates, trusts or married taxpayers filing separately), at which point the cap would revert to $10,000 ($5,000 for estates, trusts or married taxpayers filing separately) for tax years beginning after December 31, 2030 and before January 1, 2032. After this period, the cap would sunset. The SALT cap, along with other provisions, may be changed prior to the Senate passing the Act.

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A recap of the original Bill can be found in this previous DHG Tax Alert.

A recap of the first revised version of the Bill can be found in this previous DHG Tax Alert.

A recap of the second revised version of the Bill can be found in this previous DHG Tax Alert.

DHG will continue to monitor this legislation as it evolves. For questions, reach out to us at tax@dhg.com

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