
Impact of House passed legislation on health industries organizations
Summary of the impact of House passed legislation on the pharmaceutical, life sciences, medtech and health services sectors including PwC key observations.
December 2024
Treasury and the IRS on December 23 released technical corrections to the proposed regulations on the corporate alternative minimum tax (CAMT). Enacted in 2022, the Inflation Reduction Act (IRA) imposes a 15% minimum tax based on the adjusted financial statement income (AFSI) of an ‘applicable corporation.’ The CAMT is effective for tax years beginning after December 31, 2022. The proposed regulations were issued in September 2024.
The technical corrections address depreciation methods, tax-exempt adjustments, and Section 351 transactions, and cover AFSI adjustments, entity classification, and basis recalculations. The technical corrections also include adjustments to pages and paragraphs (e.g., correcting numerical references and terminology) and effective dates (e.g., certain provisions are retroactively clarified to tax years ending after December 31, 2019).
Comments on the technical corrections are due January 16, 2025.
Summary of the impact of House passed legislation on the pharmaceutical, life sciences, medtech and health services sectors including PwC key observations.
The House-passed HR 1 proposes major changes for financial services, including limits on PTE tax, a higher SALT cap, and increasing US tax for certain inbound investors.
House-passed “One Big Beautiful Bill” includes significant information reporting provisions
Washington legislation includes significant tax changes including for B&O tax, sales and use tax, and capital gains tax.