27 September 2018 Rules set for House consideration of Tax Reform 2.0 On September 26, 2018, the House Rules Committee released a rule for consideration of the three-bill Tax Reform 2.0 package that adopts to the "Family Savings Act of 2018" (H.R. 6757) some additional retirement and savings provisions. The rule adopted to the Family Savings Act of 2018 House Ways and Means Committee Chairman Kevin Brady's (R-TX) manager's amendment that: (1) eliminates the bill provision requiring a study of the PBGC's single employer insurance program (without providing PBGC premium relief for cooperatives) (2) provides a safe harbor for satisfying fiduciary obligations with respect to the selection of an annuity provider for a retirement plan investment option (3) provides that an unborn child can be treated as a designated beneficiary for a 529 education account; and (4) excludes the budgetary effects of the bill from being entered onto the Statutory Pay-As-You-Go Scorecard The bill already included provisions that would: ease portability of lifetime income investments in plans; repeal the maximum age for contributing to a traditional IRA; establish Universal Savings Accounts; expand Section 529 plans; and allow penalty-free, but not tax-free, withdrawals from qualified retirement plans for expenses related to the birth or adoption of a child. There were no substantive changes to the other two bills to be considered: the "Protecting Family and Small Business Tax Cuts of 2018" (H.R. 6760), to make permanent certain Tax Cuts and Jobs Act (TCJA) provisions; and the "American Innovation Act of 2018" (H.R. 6756). The rule is attached along with text of the Brady manager's amendment to the Family Savings Act of 2018.
Document ID: 2018-1906 | |||||
