House Ways and Means Committee Chairman Kevin Brady, R-Texas, released a tax and oversight package late Monday that includes the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018.
In announcing the sweeping package, Brady said that it includes retirement and other savings enhancements, legislation to redesign the Internal Revenue Service, and temporary tax relief for victims of the wildfires in California and for communities impacted by hurricanes Florence and Michael and by storms and volcanoes in the Pacific.
The bill directs the IRS commissioner to submit a plan to restructure the agency, with a focus on boosting taxpayer service and cybersecurity, by Sept. 30, 2020.
The package also addresses the tax extenders, and includes “time-sensitive technical corrections” to the tax overhaul passed in 2017.
“This broad, bipartisan package builds on the economic successes we continue to see throughout our country,” Brady said. “The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”
Industry officials had anticipated the likely passage of a retirement savings bill during the lame duck session of Congress.
The bill incorporates provisions of the Retirement Enhancement and Savings Act (RESA).