As Congress and the White House look to make a deal on infrastructure by this summer, negotiations regarding changes in the tax law continue. Since our prior alert, while progress has been made regarding a bipartisan infrastructure deal and a minimum global tax, the details of most corporate tax proposals have yet to be decided.
Of course, the most pressing question remains – What will Sen. Joe Manchin do? As the “swing vote” in the 50-50 split Senate, Democrats need all members on board to pass any legislation through the reconciliation process, which will by necessity be less ambitious than the more progressive proposals desired by the Democratic Caucus in the House of Representatives. While a bipartisan infrastructure bill looks more likely, major corporate tax reform will likely have to be passed through the reconciliation process.
Read the updates on the key corporate tax provisions being negotiated as part of the larger negotiations in the full Legal Alert here.