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.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.