Biden Announces Build Back Better Framework
President Joe Biden today announced the Build Back Better framework to guide the drafting of reconciliation legislation. Bill text introduced today in the House Rules Committee details the $1.75 trillion spending proposal.
Of the $1.75 trillion, $150 billion would be set aside for housing and community development spending, including funding for rental assistance, preserving public housing and the national Housing Trust Fund (HTF). The framework also includes $555 billion for clean energy tax and spending proposals, of which $320 billion are for tax proposals, about $50 billion more than the House Ways and Means version of the reconciliation package.
Revenue offsets include $325 billion in a 15% minimum tax on large corporations, $400 billion in IRS investments to close the tax gap and $170 billion to limit business losses for the wealthy. The proposed corporate minimum book tax appears to allow general business tax credits (including the low-income housing tax credit, new markets tax credit, historic tax credit and renewable energy tax credits) to be used against the new minimum tax.
The implications of federal legislation for renewable energy tax credits will be discussed at the Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Nov. 4-5 in Washington, D.C.