The U.S. House of Representative’s Ways and Means Committee today approved, by voice vote, two bipartisan tax bills for consideration by the full House.
The bills approved today are:
The SECURE Act contains a number of retirement savings provisions, including:
Additionally, a chairman’s amendment in the nature of a substitute added proposals related to multiple employer plans and “pooled” employer plans as well as a modification of PBCD premiums for CSEC plans to the bill that was approved today.
Read more about the SECURE Act bill in TaxNewsFlash
A summary of the bill released by Ways and Means, lists the following key features:
Read more about the Taxpayer First Act in TaxNewsFlash
In his prepared opening statement for the markup, Ways and Means Committee Chairman Richard Neal (D-MA) indicated his hope for additional future bipartisan legislation focused upon retirement matters:
Over the coming months, the Ranking Member and I plan to put together another bill that will close the coverage gap, simplify the retirement system, and help Americans preserve their assets in retirement…. My goal is to mark up this second retirement bill before the August recess.”
It is unclear when and if the full House of Representatives or the Senate will act on these bills. Although bipartisan, congressional procedures and other pending matters could complicate passage.
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