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On May 28, 2021, the United States (US) Treasury Department issued its General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, a report generally known as the "Green Book."

The Green Book explains revenue proposals included in the Administration's budget, thereby providing additional detail on proposed changes to the Internal Revenue Code (the Code) previously shared as initiatives within the Administration's fact sheets on the American Jobs Plan (AJP) and American Families Plan (AFP). Proposed changes in the AJP are primarily directed at corporations, international tax matters and incentives for infrastructure and energy. Meanwhile, the AFP proposals are focused on individuals and improved tax administration.

Generally, with slight modification for certain proposals, the Green Book indicates an intent for most proposals to be effective after Dec. 31, 2021. However, there are some provisions proposed to be effective at a later date, at the date of enactment or, in the case of the capital gains and qualified dividend tax rates, retroactively to the date of announcement.

While the items covered by the Green Book reflect the Administration's current thoughts on tax changes, it is important to remember these provisions represent proposals. Changes to tax law must be made through the legislative process. Accordingly, in addition to the Green Book information, taxpayers will want to take existing tax law, competing proposals, statements by legislators and other factors into consideration when planning. 

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