Tax Bills See Progress in the House

Yesterday, the House Ways and Means Committee held a markup and advanced four tax bills, including a package of tax extenders, relevant to the retail industry.

By a vote of 24-17, the committee advanced H.R. 3301, “The Taxpayer Certainty and Disaster Relief Act.” The bill extends a number of expired/expiring tax provisions, including the work opportunity tax credit (WOTC), through 2020. It also includes a revenue raiser that would accelerate the expiration of the increased estate tax exemption as enacted under the “Tax Cuts and Jobs Act” from the end of 2025 to the end of 2022.

By a vote of 22-19, H.R. 3300, "The Economic Mobility Act of 2019," also passed the committee. Among other things, the bill expands the child tax credit, expands the earned income tax credit and repeals the inclusion of certain fringe benefit expenses (i.e. parking) in the unrelated business taxation income (UBTI) of tax-exempt organizations. Although Chairman Neal contemplated increasing the corporate rate from 21 to 22 percent to fund this bill, the bill does not include any revenue offset. During the hearing, Chairman Neal said the floor version will feature a revenue offset for the earned income tax credit (EITC) and child tax credit (CTC). Chairman Neal also indicated during the hearing that he intends to move a technical corrections bill soon.

For more information about the retail industry’s tax policy positions, please contact RILA Vice President of Tax Dave Koenig.
Tags
  • Public Policy
  • Finance
  • Tax

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