House Republicans Take Action on ‘Tax Reform 2.0’

At press time, the U.S. House of Representatives Ways and Means Committee is in the process of marking up three pieces of legislation it would like to combine into a package dubbed “tax reform 2.0.”

All three bills are expected to pass out of the committee, and Republican leaders are hopeful the package could pass the entire House in the coming weeks.

Perhaps the most important piece of the package for Big “I” members is H.R. 6760, the “Protecting Family and Small Business Tax Cuts Act of 2018,” which would make the individual provisions of last year’s tax reform bill permanent. These provisions are currently scheduled to expire at the end of 2025. The legislation would also make the 20% small business deduction—a provision many Big “I” members are able to use—permanent.

The second piece of the package, H.R. 6757, the “Family Savings Act of 2018,” attempts to make it easier for families to save more and earlier throughout their lives by expanding access to new and existing savings vehicles. For instance, the bill would make it easier for smaller employers to join open multiple employer plans.

The final piece of the package, H.R. 6756, the “American Innovation Act of 2018,” would allow startup businesses to write off more business expenses.

While the House expects to pass this package in the coming weeks, the U.S. Senate is not expected to take up the legislation before the end of the year.

Wyatt Stewart is Big “I” senior director of federal government affairs.