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House Passes Build Back Better Act

In your year-end planning and consideration of deferring deductions and accelerating income, sales of property could have a big impact under the Build Back Better Act. The NII Tax (3.8%) is tied to Taxable Income levels ($400k/$500K) and the 5%/ 3% surcharge is tied to Modified Adjusted Gross Income – both will be increased by sales of property in the ordinary course of a trade of business.

The U.S. House of Representatives approved the Build Back Better Act on Nov. 19 by a vote of 220 to 209. The bill now goes to the Senate, where it’s likely to be revised and vote isn’t expected until year end.

Build Back Better Bill
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