House Passes Tax Reform 2.0

Last week, the House passed Tax Reform 2.0, which consists of three bills addressing personal taxes, retirement savings, and tax savings for start-up businesses. Of particular interest, the Protecting Family and Small Business Tax Cuts Act would make several sunsetting provisions regarding pass through business and personal income taxes included in last year's Tax Cuts and Jobs Act permanent, including the pass through deduction, lower personal income tax rates, and the increased estate tax exemption.

 

The Senate has not indicated if or when it will consider the legislation.