House passes tax bill before the end of the year

WASHINGTON- The U.S. House of Representatives passed H.R. 88, the “Retirement, Savings, and Other Tax Relief Act.” This bill passed the House by a vote of XXX to XXX.

“It is important that we continue to work on legislation that brings relief to hardworking Americans. Last year, we took a step in reforming our tax code by passing tax reform. Earlier this year, the House passed tax reform 2.0. Now, we are taking a third step to continue to help our economy thrive,” Thornberry said. “With our progress on tax reform, we have seen a lot of growth in our economy, Americans keeping more of the money they earn, and jobs being created.”

Highlights:

• Includes special tax relief benefits forindividuals and businesses affected by recent natural disasters;
• Helps businesses provide retirement plans for their workers and helps families to start saving earlier;
• Makes key technical corrections to the Tax Cuts and Jobs Act;
• Further delays several Obamacare taxes, including the medical device tax and health insurer tax;
• Makes the railroad track maintenance credit permanent; and
• Updates the IRS and makes taxpayer service the focus of the agency.