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U.S. House Approves Three-Part Proposed Tax Reform 2.0 Legislation

10/01/2018

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On September 27, 2018, lawmakers voted 240-177 and approved the Family Savings Act (H.R. 6757). They also voted 260-156 and approved the American Innovation Act (H.R. 6756).

The U.S. House of Representatives approved the third part, the Protecting Family and Small Business Tax Cuts Act (H.R. 6760), by a vote of 220-191 on September 28, 2018. It makes permanent the individual tax rate cuts in the Tax Cuts and Jobs Act, the new cap on the so-called state and local tax deduction and the pass-through income deduction. The House vote came despite the fact that the Senate is not expected to hold a vote on the proposals because it doesn’t have the 60 votes needed to pass.

LBMC tax tips are provided as an informational and educational service for clients and friends of the firm. The communication is high-level and should not be considered as legal or tax advice to take any specific action. Individuals should consult with their personal tax or legal advisors before making any tax or legal-related decisions. In addition, the information and data presented are based on sources believed to be reliable, but we do not guarantee their accuracy or completeness. The information is current as of the date indicated and is subject to change without notice.