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Legislative update: House passes two bills under “tax reform 2.0”

House passes two bills under “tax reform 2.0”

The U.S. House of Representatives today passed two bills that are part of a package of bills collectively referred to as “tax reform 2.0.”

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The bills passed today by the House are:

  • H.R. 6756, the American Innovation Act of 2018 by a vote of 260 to 156
  • H.R. 6757, the Family Savings Act of 2018 by a vote of 240 to 177

There is another bill that has been part of the “tax reform 2.0” package—H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018. That bill would make permanent many of the individual taxpayer provisions from last year’s tax bill, including the new section 199A passthrough deduction. The House did not hold a vote on this bill today.

Read descriptions and revenue estimates of these bills, produced by the Joint Committee on Taxation: TaxNewsFlash

 

KPMG observation

H.R. 6757, the Family Savings Act of 2018, was slightly modified during the Rules Committee process. A version [PDF 285 KB] of H.R. 6757 highlighting these changes was released by the Rules Committee.

What's next?

The bills that the House passed today will be sent to the U.S. Senate for its consideration. It is uncertain if or when the Senate would act on the legislation.

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