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US Tax Reform

House approves two portions of Tax Reform 2.0

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

The full House on September 27 passed two sections of its second phase tax reform bill with a vote slated on September 28 for the third section. House lawmakers voted 240-177 to approve the Family Savings Act (H.R. 6757) and by a margin of 260-156 approved the American Innovation Act (6756). The third section of the three part bill yet to be voted on is the Small Business Business Tax Cuts Act (H.R. 6760).

The combined tax bill is not expected to see action in the Senate. However, a bipartisan group of Senators has expressed interest in H.R. 6757 which encourages retirement savings through tax incentives. Senate Finance Committee Chairman Orrin Hatch, R-Utah and the ranking Democrat on the committee, Sen. Ron Wyden, D-Ore., assembled a retirement savings bill (S. 2526) during the 115th Congress which contains similar provisions found in the House version and could lead to action during the lame duck session following the November midterm elections.

Text of the three bills along with background reports can be found at rules.house.gov.

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