The Inflation Reduction Act has taken an important step in becoming law. Sen. Kyrsten Sinema (D-AZ) has indicated that she is “ready to move forward” on the bill with one key tax-related revision: removal of the provision that would impose new taxes on carried interest. She also indicated that tweaks have been made to the proposed 15% minimum tax on corporations. Sen. Sinema’s vote is critical in an evenly split Senate. The bill’s next step is the Senate parliamentarian’s review. The parliamentarian must approve the bill’s contents to allow it to move forward through the “reconciliation” process. Stay tuned.
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