Removing Barriers Blog

Ways and Means Committee to Hold Markup on Tax Reform 2.0
Posted September 11, 2018 by CUNA Advocacy

On Thursday, the House Ways and Means Committee will markup “Tax Reform 2.0”.  It consists of a package of three new bills:

  • H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, makes permanent many of the small business and personal income tax provisions in last year’s Tax Cuts and Jobs Act of 2017 (TCJA).
  • H.R. 6757, the Family Savings Act of 2018, sponsored by Rep. Mike Kelly (R-PA), makes changes to certain retirement account provisions in the tax code.
  • H.R. 6756, the American Innovation Act of 2018, modifies the tax code to encourage startup businesses.

There are no provisions that directly affect credit unions.

The Committee is likely to pass the bill(s).  It is not known if the bills will be voted on separately or packaged together and voted upon by the full House.  Speaker Ryan has indicated that Tax Reform 2.0 will be voted upon by the full House by the end of September.  That would indicate that the vote(s) will occur September 25 through 28.  This legislation faces an uncertain future in the Senate and is unlikely to be passed by the upper chamber.