Legislative update: Senate Finance approves retirement tax legislation

“Enhancing American Retirement Now (EARN) Act”

“Enhancing American Retirement Now (EARN) Act”

The Senate Finance Committee today approved retirement tax legislation—the “Enhancing American Retirement Now (EARN) Act”—on a unanimous, bipartisan, basis. 

During today’s meeting, the Senate Finance Committee voted 23-5 to approve an amendment that would accelerate the effective date of the exclusion of changes to certain disability related first responder payments.  The revenue offset for this proposal involves changes to the taxation of syndicated conservation easements. 

Documents

For a description of the EARN Act and other information, read:

KPMG observation

The House previously approved a different package of retirement provisions (the “Securing a Strong Retirement Act of 2021”) on a bipartisan basis. Read TaxNewsFlash for background on prior Ways and Means Committee action.

It is possible that some elements of the previous House bill and today’s Senate Finance Committee bill might be included in future legislation.

 

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