The infrastructure bill that has cleared the House and is headed to President Joe Biden’s desk terminates the employee retention credit early and requires broker reporting of crypto asset transfers.

The employee retention credit will be terminated early and broker reporting of crypto asset transfers will be required as a result of legislation (H.R. 3684) that passed the House of Representatives late Friday and is headed to President Joe Biden’s desk to be signed into law.

Known as the Infrastructure Investment and Jobs Act, the legislation was approved in the House by a 228–206 vote after passing the Senate by a 69–30 vote in August.

There are relatively few tax provisions in the infrastructure legislation, but more extensive changes may be coming in the fiscal year 2022 budget reconciliation bill that remains under consideration by Congress. Those would include extensions of recent changes to the child tax credit and the earned income tax credit; an expanded premium tax credit; relief from the $10,000 state and local tax deduction cap; corporate and international tax changes; and limits on the interest expense deduction.