DC Tax Flash: Ways and Means Committee Adopts Tax Portion of Virus Relief Package
The House Ways and Means Committee today approved a collection of tax policy changes that are to be included in a broader reconciliation bill for virus relief. The proposal, technically referred to as "Subtitle G. Budget Reconciliation Legislative Recommendations Relating to Promoting Economic Security," cleared the panel on a partisan 24-18 tally. No amendments were adopted.
The tax-related reconciliation instructions approved today include provisions to provide $1,400 payments to individuals, expand credits for children and child care, expand the Earned Income Tax Credit, and expand credits for dependent care. It would also:
- Extend and expand credits for paid sick and family leave
- Extend and expand the Employee Retention Credit
- Repeal the election to allocate interest on a worldwide basis
More information on Subtitle G
The Ways and Means Committee is now considering another portion of its reconciliation instructions referred to as "Subtitle H. Budget Reconciliation Legislative Recommendations Relating to Pensions." The legislation will be approved this evening.
The bill text for Subtitle H includes the following provisions, as listed (and described in more detail) in a committee summary:
- Temporary Delay of Designation of Multiemployer Plans in Endangered, Critical, or Critical and Declining Status
- Temporary Extension of the Funding Improvement and Rehabilitation Periods for Multiemployer Pension Plans in Critical and Endangered Status for 2020 or 2021
- Adjustments to Funding Standard Account Rules
- Special Financial Assistance Program for Financially Troubled Multiemployer Plans
- Extended Amortization for Single Employer Plans
- Extension of Pension Funding Stabilization Percentages for Single Employer Plans
- Modification of Special Rules for Minimum Funding Standards for Community Newspaper Plans
- Cost of Living Adjustment Freeze
More information on Subtitle H
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