As discussed in GMS Flash Alert 2024-019, the following provisions included in the Act may impact global mobility programs and their assignees:
- Amendments to the child tax credit including the per-child calculation of the additional child tax credit, an increase in the maximum amount of the additional child tax credit, and inflation adjustments provisions;
- United States-Taiwan Expedited Double-Tax Relief Act addressing the double tax of American and Taiwanese tax residents;
- Extension of the 100-percent bonus depreciation;
- Assistance for disaster-impacted communities; and
- Other provisions of potential interest to individuals and employers including provisions relating to depreciation, research and development, and Form 1099 reporting.
Please refer to GMS Flash Alert 2024-019 for a summary of the above-selected provisions. For a comprehensive and detailed discussion of all the provisions included in the Act, please refer to the linked Joint Committee on Taxation description.