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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 legislation was approved by a largely party-line vote of 24 to 19.

In this Tax Insights, we outline the key tax provisions of the bill that affect partners, partnerships, and other passthrough entities.

Taxpayers should continue to monitor the status of reconciliation legislation and analyze how particular provisions could affect their investment and business activities.