summary
Introduced
07/22/2021
07/22/2021
In Committee
07/22/2021
07/22/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to better coordinate the base erosion and anti-abuse tax with cer- tain credits.
AI Summary
This bill, the Tax Credit Restoration Act of 2021, aims to amend the Internal Revenue Code to better coordinate the Base Erosion and Anti-Abuse Tax (BEAT) with certain tax credits. Specifically, it proposes to remove the provision that allows the BEAT to be reduced by certain tax credits, ensuring that the BEAT is calculated based solely on a taxpayer's regular tax liability. Additionally, the bill would allow the General Business Credit to be claimed against the BEAT, providing more flexibility for businesses to utilize available tax credits.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 07/22/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/4639/all-info |
| BillText | https://www.congress.gov/117/bills/hr4639/BILLS-117hr4639ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr4639/BILLS-117hr4639ih.pdf.pdf |
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