INFRASTRUCTURE INVESTMENT AND JOBS ACT

Infrastructure investment and jobs act. The tax provisions of Act take effect as of the signing of the bill on November 15, 2021. One of the provisions are changes to the Deadlines in the Case of Taxpayers who are impacted by Federally Declared Disasters. The rules extend tax deadlines are now automatically extended until the date which is 60 days after the later of the earliest incident date or the date the disaster is declared. A second change has to do with a modification Postponing Certain Acts by Reason of Service in Combat Zones or Contingency Operations.: this change is for Tax Court related items that are granted an extension of time for those serving in a combat zone. Infrastructure investment and jobs act.

Tolling of Time for petition to the Tax Court: adds a new tolling provision when the filing location is inaccessible or otherwise unavailable to the public on the date the petition is due. The language includes “the relevant time period for filing such petition shall be tolled for the number of days within the period inaccessibility plus an additional 14 days. Another change in the act is the Authority to Postpone Certain Tax Deadlines by Reason of Significant Fires: this includes any areas that are under section 420 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act. For those who can obtain Tax Relief thru one of these acts, you may want to call a Tax Resolution Company for assistance.

Modification of Tax Treatment of Contribution to the Capital of a Corporation: the Infrastructure and Investment Jobs Act adds a special exclusion from income for qualified contributions of a corporation for certain regulated public water and sewage disposal utilities. The Extension of Interest Rate Stabilization is also in the bill. It says the minimum funding standard for single employee defined benefit plans is changed to extend for an additional five years the amounts for the applicable minimum percentage and applicable maximum percentage that were scheduled to expire at the end of 2025 for another five years.