KPMG report: Initial analysis and observations about tax law changes in budget reconciliation bill (as passed by Senate)

The House is expected to consider the legislation on August 12, 2022.

The House is expected to consider the legislation on August 12, 2022.

This report provides an analysis and observations of the Senate-passed bill. Read a KPMG report (August 16, 2022) [PDF 1.5 MB (73 pages) for analysis following enactment.

The U.S. Senate on August 7, 2022, passed budget reconciliation legislation (H.R. 5376) that includes significant tax law changes.  All 50 Senate Democrats voted for the legislation, while all 50 Senate Republicans voted against it.  Vice President Harris cast the tie-breaking vote in favor of the legislation.  

KPMG LLP has prepared a report that provides preliminary analysis and observations regarding the Senate bill based on the legislative text for the final bill that was released the morning of August 9, 2022, and on the Joint Committee on Taxation (JCT) revenue estimates released later that same day.  More documents relevant to the bill might be released in the future. 

Read KPMG’s report (August 10, 2022) [PDF 1.3 MB] (70 pages) about the tax law changes in the Senate bill


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