After months of negotiation, the House passed the Build Back Better Act (the “Act”) on Friday, and the House bill will now move to the Senate.
Separately, the Internal Revenue Service has released inflation adjustments for 2022. Below is a summary of certain changes that were made in the Act since our last alert summarizing the proposed legislation, as well as inflation adjustments and increases in exemptions that may be of interest to our clients.
Please click here to read the full alert memorandum.