On Thursday, September 13, 2018, the House Committee on Ways and Means will hold a Full Committee Markup to discuss “Tax Reform 2.0.” The markup will cover three areas:
- Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760): This bill would make permanent the individual and small business tax cuts outlined in last year’s Tax Cuts and Jobs Act (Pub. L. 115-97). These rate cuts are currently set to expire in 2025.
- Family Savings Act of 2018 (H.R. 6757): This legislation expands access to new and existing savings vehicles for retirement, education and other purposes. The intent of this bill is to help businesses provide retirement plans and help workers participate in those retirement plans.
- American Innovation Act of 2018 (H.R. 6756): This bill aims to promote new business innovation by simplifying and expanding deductions new businesses can use for start-up expenditures.
Dixon Hughes Goodman will continue to monitor this legislation and how Tax Reform 2.0 might impact your business.