December 13, 2021

On Sept. 13, 2021, the House Ways and Means Committee released proposed legislation known as the “Build Back Better Act” that included a host of tax increases focused on high-income individuals and corporations at an estimated cost of $3.5 trillion. On Oct. 28, 2021, the House Budget Committee released a significantly revised version of the Build Back Better Act, which retained, removed, and modified several proposed tax increases focused on high-income individuals and corporations at a reduced cost of $1.75 trillion. On Nov. 19, 2021, the Build Back Better Act passed in the House of Representatives. Deliberations in the Senate are expected to start in early December, with a vote prior to the holidays. This alert, which is current as of Nov. 22, 2021, summarizes some of the major tax provisions included in the revised proposed legislation.

In our previous State Tax Briefing article, we reviewed the CPA’s key role in Nebraska business expansions. As part of that review, we highlighted a number of Nebraska’s incentive programs that companies should consider in connection with their business expansion decisions.

Serving on the Nebraska Board of Public Accountancy for the last eight years and as chair this year has enabled me to expand my knowledge of the issues facing CPAs and to be involved in the evolution of our profession. I am a shareholder with the firm AMGL, PC in Grand Island and have practiced public accounting for more than 30 years. Early in my career, I started volunteering with the Nebraska Society of CPAs, participating on several committees, serving a term on the Society Board of Directors, and teaching an annual course on school district audits. This involvement with the Society really opened the door of opportunity for me to become involved with the State Board.

Since 1976, the Foundation of the Nebraska Society of CPAs has been continuously increasing its commitment to help Nebraska college and university accounting students become future Nebraska CPAs. At its most recent meeting, the Foundation Board of Trustees approved a record total of $129,000 in scholarships to 74 accounting students at 14 Nebraska colleges and universities for the 2021-2022 school year.