Inflation Reduction Act Signed into Law
August 17, 2022This week, President Biden signed the Inflation Reduction Act into law which includes a stock repurchase excise tax, increased funding for IRS enforcement, climate provisions and prescription drug price policies among other items.
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Lawmakers Reject NIIT Tax
August 16, 2022The budget reconciliation bill signed this week by President Biden ultimately rejected a proposal to expand the net investment income tax (NIIT) as a pay-for in the bill, a win for small business
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House Passes Inflation Reduction Act
August 12, 2022The combined deficit reduction savings of the initial legislation would total roughly $295 billion over 10 years.
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Senate Rejects NIIT Proposal
August 10, 2022The Senate rejected efforts to expand the net investment income tax (NIIT) from the Senate version of the reconciliation package - a major win for small businesses.
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Senate Passes Inflation Reduction Act
August 8, 2022On Aug. 7, the Senate voted 51 to 50 along party lines to pass the budget reconciliation bill, clearing the way for the House to return from its August recess on Friday, Aug. 12 to consider the bill.
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Reconciliation Transformation: Inflation Reduction Act of 2022
August 2, 2022The path forward for budget reconciliation legislation took an unexpected turn late last week, but leaders promise no new taxes for small business.
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NSBA Urges Congress to Oppose NIIT Tax
July 13, 2022Yesterday, NSBA and nearly 200 other organizations sent a letter urging Congress not to raise taxes--namely the NIIT tax--as part of any effort to enact a budget reconciliation bill this year.
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IRS Increases Mileage Rate
July 6, 2022The IRS recently announced an increase of 4 cents to the optional standard mileage rate due to rising gas prices, bumping the business travel rate 62.5 cents per mile, which will be in effect through Dec. 30, 2022.
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Biden Releases New Budget
April 1, 2022On Monday, the White House released its budget proposal for FY 2023 which includes a section on expanding opportunities for workers and small businesses and also repeals the Trump tax cuts.
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