[author: Lai Lam]
The House Ways and Means Committee today released three bills as part of Tax Reform 2.0:
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H.R. 6760 – Protecting Family and Small Business Tax Cuts Act, a bill addressing the individual and small business tax cuts enacted last year – most of the provisions would be made permanent.
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H.R. 6757 – Family Savings Act, a bill that contains many of the provisions in the 2018 Retirement Enhancement Savings Act, which would it easier for families to save for retirement, education, and other family expenses. For example, the bill would create Universal Savings Accounts, expand 529 plans, and allow for penalty-free withdrawals from retirement plans for expenses related to the birth or adoption of a child.
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H.R. 6756 – American Innovation Act, a bill to spur entrepreneurship and lower barriers for start-ups.
The Ways and Means Committee may hold a markup of the package on Thursday, Sept. 13.
