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NECA Top Three: 9/14

Sep 14, 2018

1. House Ways and Means Introduces, Reports Tax Reform 2.0

This week saw the introduction and approval of three bills that collectively build on the growing economic successes of the Tax Cuts and Jobs Act. These bills constitute the legislative package that will be known as “Tax Reform 2.0”. The following bills constitute the Tax Reform 2.0 package:

The Protecting Family and Small Business Tax Cuts Act of 2018

FamilySmallBizH.R. 6760 makes permanent all the tax breaks for individuals (and therefore S-Corps) in the tax relief from the Tax Cuts and Jobs Act – which included a nearly doubled standard deduction, a doubled Child Tax Credit, lower rates across the board, and a historic 20-percent pass-through deduction for Main Street businesses.

The Family Savings Act of 2018

FamilySavingsH.R. 6757 is designed to make it easier for businesses to offer multiple employer retirement savings plans, while ensuring workers can easily participate in these plans. Most significantly, it includes the NECA-developed 529 legislation that will allow apprentices with such plans to use them to help offset costs for participating in the apprenticeship.

InnovationAct

The American Innovation Act of 2018

H.R. 6756 is designed to increase innovation by simplifying the deduction for start-up firms.

NECA’s Look Ahead »


2. Additional One-Year Delay of Cadillac Tax Up Next

A package of health care and employer-related bills, including a one-year delay of the “Cadillac Tax,” which would delay it to 2023, is being finalized for a vote on the House floor. In addition to the one-year Cadillac tax delay, the legislation contains a number of provisions related to providing employer relief related to the Affordable Care Act including: changes to the definition of full-time employee, repeal of the tanning tax, employer reporting changes, and retroactive delay of the employer mandate.

NECA’s Look Ahead »

3. Senate and House Leaders Finalize Water Infrastructure Agreement

Dm_hjM2W0AAY-bmThis week Senate and House leaders announced agreement on a wide-reaching comprehensive water resources and water infrastructure bill. The announced text of the America’s Water Infrastructure Act of 2018 includes four titles. Upon the agreement, the House swiftly passed the bill on September 13 by voice vote and sent it to the Senate for final consideration.

NECA’s Look Ahead »