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The House Ways and Means Committee on September 15 approved tax increase and tax relief proposals that are to be acted on by the House of Representatives as part of ‘Build Back Better’ reconciliation legislation (the bill). House and Senate tax proposals are being considered under a fiscal year 2022 budget resolution that provides reconciliation instructions for a package that currently adds up to about $3.5 trillion of spending and tax relief provisions, offset in part by corporate and individual tax increases.

This Insight provides an overview of certain provisions in the federal “Build Back Better” reconciliation bill with observations as to potential state tax impacts.