Increases in Tax for Corporations:

Z
Increasing the corporate income tax rate from 21% to 28%.
Z
Creates a minimum tax on corporations with book profits of $100 million or higher. The minimum tax is structured as an alternative minimum tax—corporations will pay the greater of their regular corporate income tax or the 15% minimum tax while still allowing for net operating loss (NOL) and foreign tax credits.

Encouraging Corporate Social Responsibility:

Z
Establishing a Manufacturing Communities Tax Credit to reduce the tax liability of businesses that experience workforce layoffs or a major government institution closure.
Z
Increasing tax credits for hiring of individuals with disabilities and for improving accessibility of the workplace.
Z
Offering tax credits to small business for adopting workplace retirement savings plans.
Z
Expands the New Markets Tax Credit which incentivizes community development and economic growth that attracts private investment to distressed communities.
Z
Increasing the generosity of the Low-Income Housing Tax Credit. Available to real estate developers and investors who make their properties available as affordable housing for low-income people.
Z
Expands several renewable-energy-related tax credits, including tax credits for carbon capture, use, and storage and a restoration of the Energy Investment Tax Credit (ITC). The Biden plan would also end tax subsidies for fossil fuels.

Buy and Invest in US:

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Creates a 10% tax credit for companies that create jobs for Americans by companies that return overseas jobs to the US, expand US production, increase manufacturing payroll, revitalize closed manufacturing plants, and retool plants important to American competitiveness.
Z
Imposes a new 10% surtax on corporations that offshore manufacturing and service jobs to foreign nations in order to sell goods or provide services back to the American market. This surtax would raise the effective corporate tax rate on this activity up to 30.8%.
Z

Doubles the tax rate on Global Intangible Low Tax Income (GILTI) to 21%.

 

Information current as of January 27, 2021

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