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.