As the landscape of corporate tax rates remains uncertain, one thing is crystal clear: utilities must be prepared to adapt swiftly when change inevitably arrives. The timing and specifics of these rate adjustments may be hazy, but one proactive step utilities can take is investing in modern tax software that offers flexibility and functionality. Adaptable tax software can empower tax departments to adjust their computations quickly and efficiently in response to evolving tax regulations, ensuring compliance and accurate financial reporting in a dynamic tax environment.

Specifics for the “Build Back Better“ (BBB) reconciliation legislation have finally begun to emerge amid contentious intra-party debates within the Democratic caucus. The massive bill encompasses large portions of the Biden domestic political agenda, and debate is ongoing in Congress on the final scope of the bill and how its initiatives will be paid for.

The 117th United States Congress is now set following two runoff elections in Georgia which have given the Democratic party control over 50 seats in the Senate and the tie-breaking vote through Vice President-elect Kamala Harris. With control of both chambers of Congress and the Presidency, Democrats are now poised to pursue more ambitious policy changes, including a proposed increase to the corporate tax rate.