Biden Signs Infrastructure Investment and Jobs Act

The law also contains a few tax-related provisions, including the following:

• A provision that expands information reporting requirements to include brokers or any person who is responsible for regularly providing any service effectuating transfers of digital assets, including cryptocurrency, on behalf of another person. The measure also adds digital assets to current rules that require businesses to report cash payments over $10,000. This provision applies to returns required to be filed after December 31, 2023.
• A provision that will retroactively end the employee retention credit on October 1, 2021 for most employers, three months earlier than the current January 1, 2022, end date.
• A provision that modifies applicable minimum and maximum percentages with respect to certain pension plans, known as “pension smoothing,” which is estimated to raise approximately $2.9 billion over a 10-year period by reducing the level of deductible employer pension contributions required under the pension funding rules. These amendments apply to plan years beginning after December 31, 2021.
• A provision that reinstates and modifies some expired Superfund excise taxes imposed on the production of specified chemicals through December 31, 2031 and extends various highway-related excise taxes (including fuel taxes and heavy vehicle use taxes) and related exemptions for six years.