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Tax Changes: Credits and Coordination for Businesses

This act aims to make it easier for companies to use tax credits, especially in the context of the base erosion and anti-abuse tax. This allows businesses to plan their finances more effectively, potentially leading to economic stability and job creation. These changes may affect how large companies with international ties file their taxes.
Key points
Facilitating the use of tax credits for companies under the Base Erosion and Anti-Abuse Tax (BEAT).
Changes in the calculation of the minimum base erosion tax, potentially reducing the burden for some businesses.
Allowing general business credits to be applied against the base erosion and anti-abuse tax, increasing financial flexibility for companies.
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Expired
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Additional Information
Print number: 117_HR_4639
Sponsor: Rep. DelBene, Suzan K. [D-WA-1]
Process start date: 2021-07-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Credit Restoration Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4639.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-22.

What are the main provisions?

Key points include:

  • Facilitating the use of tax credits for companies under the Base Erosion and Anti-Abuse Tax (BEAT).
  • Changes in the calculation of the minimum base erosion tax, potentially reducing the burden for some businesses.
  • Allowing general business credits to be applied against the base erosion and anti-abuse tax, increasing financial flexibility for companies.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. DelBene, Suzan K. [D-WA-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy