The much-anticipated Infrastructure Investment and Jobs Act (the Act) has passed the House of Representatives months after its approval in the Senate. The legislation contains the following noteworthy provisions.
- Extends by five years the minimum and maximum “corridor” for determining interest rates for single employer pension funding, relief initially granted by the American Rescue Plan (ARPA)
- Modifies disaster tax relief by ensuring that taxpayers will have at least a minimum 60-day time frame to complete certain tax-related acts following a “federally declared disaster”
- Amends the Internal Revenue Code definition of “broker” to include anyone responsible for regularly providing services effectuating transfers of digital assets (cryptocurrency)
The bill awaits President Biden’s signature for enactment.