The U.S. House of Representatives today passed the third bill that is part of a package of bills collectively referred to as “tax reform 2.0.”
The House passed, by a vote of 220-191, H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018—a bill that would make permanent many of the individual passthrough business provisions from the 2017 tax legislation (Pub. L. No. 115-97, enacted December 22, 2017) that would otherwise expire in 2025.
The Joint Committee on Taxation has estimated the 10-year revenue cost of the bill, including macroeconomic effects, to be $545.1 billion—read JCX-79-18.
The other two bills in “tax reform 2.0” were passed by the House yesterday—H.R. 6756, the American Innovation Act of 2018, and H.R. 6757, the Family Savings Act of 2018. Read TaxNewsFlash
The bill passed by the House today—along with the bills that the House passed yesterday—will be sent to the U.S. Senate for its consideration. It is uncertain if or when the Senate will act on the legislation.
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