for certain tax-exempt and governmental entities, the termination of the tax credits for the installation of EV charging stations and the acquisition of commercial EVs may have an impact on these entities. Senate bill (secs. 70501-70508) The Senate bill includes proposals that would terminate certain tax credits and deductions as follows:, The Finance tax subtitle also includes revenue-raising provisions that would: • Repeal or phase out energy tax credits created by the Inflation Reduction Act (IRA), though in some cases extending the credits further than the House bill • Make extensive reforms to the U.S. international tax regime, including to foreign- derived deduction, under the Capital Gains Tax Act, the Companies Income Tax Act, Petroleum Profits Tax Act, and the Personal Income Tax Act in respect of specified transactions. Commencement - 1st July 2024 In exercise of the powers conferred upon me by section 81(9) of the Companies Income Tax Act, section 56 of the Petroleum Profit Tax Act, section 73(6) of , While the initial objective had been a simplification and consolidation of the Income Tax Act 1959, one of the oldest Income Tax Acts in the world, many policy changes have made their way into the new Bill. The number of sections has been halved, the length reduced by 80% and the language simplified., Full text of “One Big Beautiful Bill Act” as passed by House The U.S. House of Representativesn May o 22, 2025, passed H.R. 1,he t budget reconciliation bill known as the “One Big Beautiful Bill Act.” Prior to passage by the full House, the Rules Committee made two sets of changes to the tax titleapproved by the Ways and Means Committee., “Bermuda Corporate Income Tax Act 2023” The government of Bermuda has posted the second version of a document [PDF 304 KB] entitled “Frequently Asked Questions for Guidance” that provides responses (including examples) to questions regarding the application of specific technical provisions, including (but not limited to) the tax loss carryforward deduction, changes in accounting .