NU Online News Service, July 22, 2003, 4:15 p.m. EDT – The House Ways and Means Committee last week cut out sections of H.R. 1776 that would have made the temporary tax reforms included in the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent, according to the ERISA Industry Committee, Washington.
The committee also cut sections that would have:
? Allowed for employer prefunding of retiree health benefits.
? Led to the development of a blue-collar actuarial table.
? Changed the rules governing the timing of plan valuations.
? Let employees exclude payments for group legal plans from taxable income.
ERIC includes the summary of changes in an analysis that compares the long, complicated substitute bill introduced by Ways and Means Chairman Bill Thomas, R-Bakersfield, Calif., with the original version of the bill, which was introduced by Reps. Rob Portman, R-Batavia, Ohio, and Dr. Benjamin Cardin, D-Baltimore. The committee reported a version based on the Thomas substitute.