The U.S. House of Representatives passed H.R. 88, the “Retirement, Savings, and Other Tax Relief Act.”
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, we passed tax reform 2.0. Now we are taking a third step to continue to help our economy thrive. 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.
Some of the highlights of the Amendment include:
- Includes special tax relief benefits for individuals 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.