House Republicans Release Tax Package
House Republicans released a 297 page tax bill on the evening of November 26, with the possibility of voting on the proposed bill as soon as this week. The legislation includes a number of “extenders,” which would renew certain tax provisions set to expire; tax breaks for smaller businesses; and technical corrections to the Tax Cuts and Jobs Act (TCJA) passed in 2017.
The five technical corrections included in the legislation would address legal expenses incurred by sexual harassment victims; provide guidance on the effective date of net operating loss provision modifications; address the “retail glitch” that excluded qualified improvement property from the full expensing provision; address the treatment of certain income received through regulated investment companies for purposes of section 199A; and provide refund relief for companies with overpayments and outstanding installments under section 965’s repatriation measure. House Republicans have not yet released an official estimate of how much the proposed bill would cost or a detailed summary of the tax plan.
Read more: House Republicans Unveil Giant Tax Package
Read Proposed Bill: Retirement, Savings, and Other Tax Relief Act of 2018