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.
- JCT description of H.R. 3301
- JCT revenue estimate for H.R. 3301
- Section-by-section W&M summary
- H.R. 3301 bill text
For more information about the retail industry’s tax policy positions, please contact RILA Vice President of Tax Dave Koenig.