A spokesperson for the Joint Committee on Taxation (JCT) recently indicated the JCT expects to publish its explanations for the tax provisions passed during the 117th Congress—known as the “Blue Book”—by the end of the second quarter 2023, with June as a potential target month for publication.
The Blue Book will include explanations of certain provisions of the Inflation Reduction Act (IRA), including the new corporate alternative minimum tax and the excise tax on stock buybacks—in addition to explanations of certain tax provisions included in other major pieces of legislation, like the American Rescue Plan Act of 2021, the CHIPS and Science Act of 2022, and the Infrastructure Investment and Jobs Act.
The Blue Book also will provide explanations of the retirement provisions included in the recently passed Consolidated Appropriations Act, 2023 (P.L. 117-328), colloquially known as “SECURE 2.0.”
In addition to explanations of provisions included in these pieces of legislation, the Blue Book also will include some, though not all, of the technical corrections for those and other bills.
Businesses should be on the lookout for the Blue Book in the coming months, as the guidance included in the publication will be impactful for numerous provisions included in numerous pieces of legislation.
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