2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2022-26 2022-31
Repeal amortization of air pollution control facilities …..................................... 0 16 39 60 80 99 117 134 132 119 105 294 901
Subtotal, eliminate fossil fuel tax preferences ………………………………… 0 3,485 3,764 3,723 3,574 3,302 3,261 3,404 3,472 3,525 3,533 17,848 35,043
Extend and enhance renewable and alternative energy incentives:
Extend and modify the renewable electricity production credit 3/ …................. 0 -2,059 -2,106 -937 -1,429 -1,903 -2,780 -4,606 -6,267 -7,730 -8,802 -8,434 -38,619
Extend and modify the renewable energy investment credit 3/ …..................... 0 -1,397 -5,767 -26,324 -30,423 -31,149 -35,455 -26,833 -23,061 -18,540 -11,642 -95,060 -210,591
Extend and modify the residential energy efficient credit ….............................. 0 -290 -480 -1,594 -2,256 -2,538 -2,846 -2,425 -1,933 -1,342 -392 -7,158 -16,096
Subtotal, extend and enhance renewable and alternative energy incentives 0 -3,746 -8,353 -28,855 -34,108 -35,590 -41,081 -33,864 -31,261 -27,612 -20,836 -110,652 -265,306
Provide tax credit for electricity transmission investments 3/ …............................. 0 -187 -250 -1,746 -2,280 -2,863 -3,118 -3,239 -3,246 -3,420 -3,447 -7,326 -23,796
Provide allocated credit for electricity generation from existing nuclear power
facilities 3/ ….................................................................................................. 0 -750 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -4,750 -9,750
Establish new tax credits for qualifying advanced energy manufacturing 3/ …...... 0 -425 -1,102 -1,492 -988 -824
-940 -1,396 -576 -58 -131 -4,831 -7,932
Establish tax credits for heavy- and medium-duty zero emission vehicles 3/ ….... 0 -71 -295 -835 -1,471 -2,692 -4,028 -1,178 -63 -11 0 -5,364 -10,644
Provide tax incentives for sustainable aviation fuel …........................................... 0 -363 -503 -633 -693 -1,313 -1,696 -743 -376 -199 -117 -3,505 -6,636
Provide a production tax credit for low-carbon hydrogen 3/ …............................... 0 -14 -53 -156 -358 -548 -979 -1,570 -445 -5 0 -1,129 -4,128
Extend and enhance energy efficiency and electrification incentives:
Extend and modify the nonbusiness energy property credit …......................... 0 -532 -1,806 -2,460 -1,940 -1,056 -634 0 0 0 0 -7,794 -8,428
Extend and increase the tax credit for construction of new energy efficient
homes ….................................................................................................... 0 -128 -271 -298 -313 -337 -220 -72 -25 -8 -2 -1,347 -1,674
Extend and increase the energy efficient commercial buildings deduction …... 0 -146 -280 -328 -346 -350 -350 -350 -350 -351 -354 -1,450 -3,205
Provide tax credits for mechanical insulation labor costs ….............................. 0 -317 -606 -736 -867 -1,007 -737 -454 -344 -229 -110 -3,533 -5,407
Subtotal, extend and enhance energy efficiency and electrification
incentives ………………………………………………...................…………… 0 -1,123 -2,963 -3,822 -3,466 -2,750 -1,941 -876 -719 -588 -466 -14,124 -18,714
Provide disaster mitigation tax credit …................................................................. 0 -391 -411 -415 -415 -415 -415 -415 -415 -415 -332
-2,047 -4,039
Expand and enhance the carbon oxide sequestration credit 3/ …......................... 0 -21 -10 -10 -19 -27 -101 -101 -53 -2,082 -3,634 -87 -6,058
Extend and enhance the electric vehicle charging station credit 3/ …................... 0 -236 -432 -848 -1,457 -2,599 -771 -18 26 35 33 -5,572 -6,267
Reinstate Superfund excise taxes and modify Oil Spill Liability Trust Fund
financing:
Reinstate Superfund excise taxes …................................................................. 0 1,715 2,340 2,406 2,455 2,517 2,560 2,610 2,670 2,723 2,787 11,433 24,783
Modify Oil Spill Liability Trust Fund financing …................................................ 0 38 51 53 53 53 53 53 53 53 53 248 513
Subtotal, reinstate Superfund excise taxes and modify Oil Spill Liability
Trust Fund financing …........................................................................... 0 1,753 2,391 2,459 2,508 2,570 2,613 2,663 2,723 2,776 2,840 11,681 25,296
Subtotal, prioritize clean energy …………………………………………… 0 -2,089 -9,217 -33,630 -40,173 -44,749 -50,196 -38,333 -31,933 -29,054 -23,557 -129,858 -302,931
Subtotal, American Jobs Plan …………………………………………… 0 95,603 185,431 183,831 176,820 169,230 160,234 169,775 172,625 174,581 183,246 810,915 1,671,376
AMERICAN FAMILIES PLAN
Strengthen taxation of high-income taxpayers:
Increase the top marginal income tax rate for high earners …............................... 0 19,991 30,594 33,278 36,525 11,532 0 0 0 0 0 131,920 131,920
Reform the taxation of capital income …................................................................ 1,241 7,656 25,451 32,906 36,303 33,947 32,252 34,276 36,064 37,937 45,693 136,263 322,485
Rationalize net investment income and Self-Employment Contributions Act
taxes ………................................................................................................... 0 11,383 19,535 20,779 23,038 24,205 25,464 26,719 27,559 28,416 29,402 98,940 236,500
Subtotal, strengthen taxation of high-income taxpayers …................. 1,241 39,030 75,580 86,963 95,866 69,684 57,716 60,995 63,623 66,353 75,095 367,123 690,905
Support workers, families, and economic security:
Make permanent the American Rescue Plan expansion of Premium Tax
Credits 3/ …................................................................................................... 0 0 -11,490 -15,679 -16,513 -17,215 -18,076 -18,888 -20,149 -21,704 -23,334 -60,897 -163,048
Make permanent the expansion of the Earned Income Tax Credit for workers
without qualifying children 3/ …..................................................................... 0 -27 -5,589 -11,782 -11,970 -1
2,145 -12,445 -12,576 -12,745 -12,908 -13,032 -41,513 -105,219
Make permanent American Rescue Plan changes to the Child and Dependent
Care Tax Credit 3/ …..................................................................................... 0 -3,134 -10,588 -10,588 -10,633 -12,303 -11,032 -11,195 -11,391 -11,573 -11,761 -47,246 -104,198
Extend the Child Tax Credit increase through 2025 and make permanent full
refundability 3/ …........................................................................................... 0 -47,125 -110,999 -108,559 -107,190 -62,060 -2,860 -2,725 -2,611 -2,512 -2,420 -435,933 -449,061
Increase the employer-provided childcare tax credit for businesses …................. 0 -28 -28 -29 -29 -29 -31 -31 -32 -32 -33 -143 -302
Subtotal, support workers, families, and economic security ….......... 0 -50,314 -138,694 -146,637 -146,335 -103,752 -44,444 -45,415 -46,928 -48,729 -50,580 -585,732 -821,828
REVENUE ESTIMATES OF THE
ADMINISTRATION'S FISCAL YEAR 2022 REVENUE PROPOSALS 1/ 2/ -- continued
(fiscal years, in millions of dollars)
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General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals