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The Biden Administration’s FY2022 Green Book, Issued May 28, 2021: 10% general business credit for expenses in connection with onshoring a US trade or business; disallows deductions for expenses in connection with offshoring a US trade or business. Aside from the proposed tax law changes. the American Jobs Plan also proposes a series of tax credits. These tax credits include:
-Point of sale rebates and tax incentives to buy American-made electric vehicles
-An investment tax credit and production tax credit for clean energy generation and clean energy storage
-Targeted tax credits to expand affordable housing rental opportunities in underserved communities
-The Neighborhood Homes Investment Act tax credit (which is proposed to be $20 billion over five years) to build or rehabilitate 500,000 homes
-A tax credit (50% of the first $1 million in construction costs per facility) to encourage the building of childcare facilities at places of work
-An expansion of the section 48C tax credit program, which aims to build a robust U.S. manufacturing capacity to supply clean energy projects with American-made parts and equipment.
And there are more business credits that may apply to your business.
Let Ashmore Consulting help you learn how to take advantage of them.
Ashmore Consulting is proud to join Pledge 1%, a global movement creating new normal where companies of all sizes integrate giving back into their culture and values. Pledge 1% empowers companies to donate 1% of product, 1% of equity, 1% of profit or 1% of employee time to causes of their choice. Over 1,500 companies in 40 countries have taken the Pledge and committed to give to communities around the world. Ashmore Consulting is excited to join Pledge 1%’s network of founders, entrepreneurs and companies around the globe that have committed to giving back.
