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Legislative update: Ways and Means announces introduction of “tax reform 2.0” bills

U.S. “tax reform 2.0”

U.S. House Ways and Means Committee Chairman Kevin Brady (R-TX) today announced that three bills were introduced as part of a “tax reform 2.0” package.

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According to Chairman Brady’s announcement, the bills would make individual and small business tax reductions in last year's tax act permanent; enhance retirement savings opportunities for individuals; and provide incentives to support innovation by startup businesses.

Ways and Means may mark-up the bills soon. A mark-up date, however, has not yet been officially announced.

The bills are:

  • H.R. 6760 [PDF 290 KB] the Protecting Family and Small Business Tax Cuts Act of 2018
  • H.R. 6757 [PDF 332 KB] the Family Savings Act of 2018
  • H.R. 6756 [PDF 143 KB] the American Innovation Act of 2018

Read text of the bills at the hyperlinks provided above.

Similar to framework released in July 2018

These three bills generally reflect measures that were outlined by Chairman Brady in a July 2018 framework to:  

  • Make the individual and small business tax cuts permanent
  • Help businesses provide retirement plans for workers and help workers participate in retirement plans
  • Encourage savings through “USA accounts” (a flexible savings tool for families), expanded section 529 education accounts, and “new baby” savings accounts
  • Help new businesses write off more of their initial start-up costs

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