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US Tax Reform

Tax bill heads to House floor

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

The House Rules Committee late on Nov. 29 approved a manager’s amendment from House Ways and Means Committee Chair Kevin Brady (R-TX) to the Retirement, Savings and Other Tax Relief Act (H.R. 88), paving the way for a vote on the bill in the full House at the end of the week. The House on November 30 is expected to approve the rule followed by a vote on final passage on Friday.

The amendment provides for automatic extension of IRS filing dates for taxpayers in a federally declared disaster area, clarifies the applicability period or modifications with respect to section 403(b) plans, and clarifies the language regarding refunds of overpayments and installments of deemed repatriation net tax liability. It also eliminates the increase in unrelated business taxable income related to certain transportation fringe benefits and modifies the rules related to business holdings of private foundations.

The legislation overall addresses a handful of technical corrections to the Tax Cuts and Jobs Act (TCJA; P.L. 115-97), plus tax extenders and reforms to the IRS.

While the House is expected to easily pass the measure, it’s fate in the Senate is less certain. Senate Minority Whip Richard Durbin (R-IL) said on November 29 that he did not expect any tax votes in the Senate before the end of the year.

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