The Department of Treasury has published a 120 Page Report on General Explanations of the Biden Administration’s Fiscal Year 2023 Revenue Proposals. After reviewing this report it is apparent why so many wealthy individuals/families are turning to Opportunity Zones.
The Biden Administration wants to do the following:
Reform Business And International Taxation
- Raise The Corporate Income Tax Rate To 28%
- Adopt The Undertaxed Profits Rules
- Provide Tax Incentives For Locating Jobs In U.S.
- Remove Tax Deductions For Jobs Overseas
- Prevent Basis Shifting By Related Parties Through Partnerships
- Conform Definition Of Control With “Corporate Affiliation Test”
- Expand Access To Retroactive Qualified Electing Fund Elections
- Expand The Definition Of Foreign Business Entity To Include Taxable Units
Supporting Housing And Urban Development
- Make Permanent The New Markets Tax Credit
- Allow Selective Basis Boosts For Bond Financed Low Income Housing Credits Projects
Modify Fossil Fuel Taxation
- Eliminate Fossil Fuel Tax Preferences
- Modify Oil Spill Liability Trust Fund Financing And Super Fund Excise Taxes
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