Federal Tax

Infrastructure Investment & Jobs Act

On Nov. 15, President Biden signed the Infrastructure Investment and Jobs Act. The $1.2 trillion law provides money for improvements in bridges, mass transit, rail, airports, ports, and waterways. The bipartisan legislation also contains a provision that terminated the Employee Retention Credit (ERC) on Oct. 1, 2021. It was scheduled to end on Dec. 31, 2021. Some employers already claimed an advance payment of the ERC for the fourth quarter of 2021, so the IRS is expected to provide related guidance. At a White House signing ceremony, House Speaker Nancy Pelosi said she was hopeful that the separate Build Back Better Act would get a vote during the week ending Nov. 21. Contact Cg for additional information. © 2021