The U.S. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration’s FY2022 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures previously announced by President Biden, including:

AMERICAN JOBS PLAN

Reform Corporate Taxation

• Raise the Corporate Income Tax Rate to 28 Percent
• Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt Income, and Limit Inversions
• Reform Taxation of Foreign Fossil Fuel Income
• Repeal the Deduction for Foreign-Derived Intangible Income (FDII)
• Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule
  
• Limit Foreign Tax Credits from Sales of Hybrid Entities
• Restrict Deductions of Excessive Interest of Members of Financial Reporting Groups for Disproportionate Borrowing in the United States
• Impose a 15 Percent Minimum Tax on Book Earnings of Large Corporations
• Provide Tax Incentives for Locating Jobs and Business Activity in the United States and Remove Tax Deductions for Shipping Jobs Overseas

Support Housing and Infrastructure

• Expand the Low-Income Housing Tax Credit
• Provide Neighborhood Homes Investment Tax Credit
• Make Permanent the New Markets Tax Credit (NMTC)
• Provide Federally Subsidized State and Local Bonds for Infrastructure

Prioritize Clean Energy

• Eliminate Fossil Fuel Tax Preferences
• Extend and Enhance Renewable and Alternative Energy Incentives
• Provide Tax Credit for Electricity Transmission Investments
• Provide Allocated Credit for Electricity Generation from Existing Nuclear Power Facilities
• Establish New Tax Credits for Qualifying Advanced Energy Manufacturing
• Establish Tax Credits for Heavy- and Medium-Duty Zero Emissions Vehicles
• Provide Tax Incentives for Sustainable Aviation Fuel
• Provide a Production Tax Credit for Low-Carbon Hydrogen
• Extend and Enhance Energy Efficiency and Electrification Incentives
• Provide a Disaster Mitigation Tax Credit
• Expand and Enhance the Carbon Oxide Sequestration Credit
• Extend and Enhance the Electric Vehicle Charging Station Credit
• Reinstate Superfund Excise Taxes and Modify Oil Spill Liability Trust Fund Financing

AMERICAN FAMILIES PLAN

Strengthen Taxation of High-Income Taxpayers

• Increase the Top Marginal Income Tax Rate for High Earners
• Reform the Taxation of Capital Income
• Rationalize Net Investment Income and Self-Employment Contributions Act Taxes

Support Workers, Families, and Economic Security

• Make Permanent the American Rescue Plan Expansion of Premium Tax Credits
• Make Permanent the Expansion of the Earned Income Tax Credit (EITC) for Workers Without Qualifying Children
• Make Permanent American Rescue Plan Changes to the Child and Dependent Care Tax Credit
• Extend the Child Tax Credit Increase Through 2025 and Make Permanent Full Refundability
• Increase the Employer-Provided Childcare Tax Credit for Businesses

Close Loopholes

• Tax Carried (Profits) Interests as Ordinary Income
• Repeal Deferral of Gain from Like-Kind Exchanges
• Make Permanent Excess Business Loss Limitation of Noncorporate Taxpayers

Improve Compliance

• Provide the IRS the Resources to Address Sophisticated Tax Evasion Through Sustained, Multi-Year Mandatory Appropriation
• Introduce Comprehensive Financial Account Reporting to Improve Tax Compliance

Improve Tax Administration

• Increase Oversight of Paid Tax Return Preparers
• Enhance Accuracy of Tax Information
• Expand Broker Information Reporting with Respect to Crypto Assets
• Address Taxpayer Noncompliance with Listed Transactions
• Modify Tax Administration Rules
• Authorize Limited Sharing of Business Tax Return Information to Measure the Economy More Accurately

U.S. Department of Treasury.

Download 114 Page Document Known As The Green Book