Bill to Correct Qualified Improvement Property Glitch Fails to Gain Traction in the House
Posted on Nov 22, 2019 in Tax Accounting
On Nov. 20, the House of Representatives failed to approve a motion that would have attached the Restoring Investment in Improvement Act (H.R. 1869) to the Workplace Violence Prevention for Health Care and Social Service Workers Act (H.R. 1309). H.R. 1869 would correct a drafting error in the Tax Cuts and Jobs Act changes to section 168 that prevents qualified improvement property from...
House Approves Three New Tax Bills
Posted on Sep 28, 2018 in Individual Taxation, News
On September 27, 2018, the House approved two bills that are part of a second package of tax law changes advanced by House Republicans (“Tax Reform 2.0”). The first bill would create universal savings accounts, expand the utility of section 529 education savings plans, and make the offering of employee retirement plans more accessible for small businesses. The second bill would provide...
Nunes’s Proposed Legislation Would Consider Inflation in Determining Capital Gains Tax
Posted on Jul 23, 2018 in Individual Taxation, News
Devin Nunes, a Republican member of the House Ways and Means Committee, has introduced legislation to index capital gains for inflation. Under Nunes’s legislation, the tax basis of a capital asset for purposes of calculating capital gains would be adjusted for inflation. Republican Senator Ted Cruz has introduced similar legislation in the Senate, and Congressional Republicans are...
Vote on Technical Corrections Bill Not Expected Until After Midterm Elections
Posted on Jul 13, 2018 in Individual Taxation, News
While House Republicans are in the process of drafting a technical corrections bill, House Republican leaders do not expect vote a on the bill until after the midterm elections in November. The technical corrections bill would be separate from the “phase 2” tax legislation that would make the individual tax cuts implemented by the 2017 tax act permanent. Kevin Brady, chairman of the...
Legislative Changes to the International TCJA Provisions to Be Considered
Posted on Jul 11, 2018 in Individual Taxation, News
In a recent interview, Kevin Brady, chairman of the House Ways and Means Committee, stated that legislative changes to the international provisions of the TJCA are in the works and that these changes may be included in the legislation associated with phase 2 of tax reform, which Brady indicated would be reviewed by House Republicans in July. President Trump has also weighed in on the...
Phase Two of Tax Reform Will Retain Pretax Benefits of 401(k) Plans
Posted on Jul 5, 2018 in Employee Benefits, News
A spokesperson from the House Ways and Means Committee recently stated that the new tax proposals will not revise the pretax treatment of 401(k) savings plans. House Ways and Means Committee Chairman Brady previously stated, in an interview, that the phase 2 tax proposal might address retirement and include a savings element. Read More: Ways & Means Quashes Rothification Concerns...
Markup for Legislation for Phase 2 of Tax Reform Is Expected After August
Posted on Jun 26, 2018 in Individual Taxation, News
House Ways and Means Committee Chair Kevin Brady indicated that a new tax bill may be marked up after the August recess, a date later than his previous estimate. Brady also noted that parts of the phase 2 legislation may be pulled from previous Senate and House proposals. Read More: Phase 2 Markup Likely Delayed Until After August Recess
Congress Unlikely to Act on Technical Corrections until after November Elections
Posted on Jun 26, 2018 in Individual Taxation, News
Congress appears unlikely to pass a technical corrections bill for the Tax Cuts and Jobs Act prior to the November elections. Senate Majority Whip John Cornyn stated that the corrections are not imminent, and as an indication of further delay, Kevin Brady, Chair of the House Ways and Means Committee, has stated that any technical corrections will be affected by the guidance released by...
House Budget Would Extend Individual TJCA Provisions
Posted on Jun 20, 2018 in Individual Taxation, News
On June 19, 2018, the House Budget Committee released a 10-year budget plan that, if passed, would provide a vehicle to extend the individual tax provisions enacted under the TJCA past their current expiration date in 2025 through the budget reconciliation process. To help reduce the cost of extending the cuts, the budget plan requires committees to submit legislation to reduce the...
Legislation for Phase 2 of Tax Reform Expected in August
Posted on Jun 18, 2018 in News
House Ways and Means Committee Chair Kevin Brady indicated that Republicans hope to have a proposal for healthcare and additional tax changes by August. While the contents of the bill remain uncertain, potential topics include: permanent individual income tax provisions, retirement savings, the treatment of capital gains, and employer incentives for helping to pay back student loan...
Congressman States that the TCJA will not be Amended, Despite EU Criticism
Posted on Jun 7, 2018 in International Tax, News
Rep. Peter Roskam, a Republican member of the House Ways and Means Committee, stated at a conference that, despite criticism from EU officials, Congress does not intend to amend the Tax Cuts and Jobs Act (TJCA). Some EU officials have been particularly critical of the foreign-derived intangible income provision, arguing that the provision essentially acts as an export subsidy which...
The Upcoming FAA Authorization May Not Contain Any Technical Corrections to the Tax Legislation
Posted on May 16, 2018 in News, Tax Accounting
House Ways and Means Chairman Kevin Brady has indicated that the upcoming Federal Aviation Administration (“FAA”) reauthorization bill is unlikely to contain additional technical corrections to the 2017 tax bill, despite containing a tax title. Congress had previously passed, in the 2018 Consolidated Appropriations Act, a technical correction to fix a provision that encouraged farmers...
House Passes Revised Bill; Senate to Vote as Early as Tonight
Posted on Dec 19, 2017 in News
The House has passed the Tax Cuts and Jobs Act, as revised by the Conference Committee, along party lines. The bill will now go to the Senate, who may vote as early as this evening. Should the bill pass both houses, it will be sent to President Trump to sign into law. Read more: House Passes Final Tax Bill; Senate Votes Next on Republican Plan
House Passes the Tax Cut and Jobs Act
Posted on Nov 16, 2017 in News
The House voted to pass H.R. 1, the Tax Cuts and Jobs Act, that passed through committee last week without further amendment. Read the bill as passed here.
House Bill Passes Out of Committee; Senate Releases Policy Highlights in Advance of Release of Proposed Tax Legislation
Posted on Nov 9, 2017 in News
The House Ways and Means Committee finished their markup of the Tax Cuts and Jobs Act and voted to advance the bill. The House plans to vote on the proposed bill next week. The Senate Committee on Finance released a summary highlighting the policy underpinnings for the Senate’s version of the Tax Cuts and Jobs Act. Now that the House Ways and Means Committee has finished the markup...