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April 4, 2019

Ways and Means Committee Approves Retirement Savings, IRS Reform Bills

On Tuesday, the House Ways and Means Committee unanimously approved the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, HR 1994), which is designed to address the retirement savings gap.

Provisions include expanding auto-enrollment in 401(k) plans, and allowing long-term, part-time workers to participate in 401(k) plans.  Studies have shown that automatically enrolling people in an employer-provided retirement savings plan, with an opt-out, contributes significantly to retirement security.  The legislation would also make it easier for multiple employer plans to serve small firms.

The Committee also approved the Taxpayer First Act of 2019 (HR 1957) on a bipartisan vote.  This legislation would modernize the Internal Revenue Service and improve taxpayer services.

Ways and Means Committee Chairman Richard Neal (D-MA) decided to postpone until a later date consideration of the nearly 30 tax provisions that have expired since December 31, 2017, including the Section 179D energy-efficient commercial buildings tax deduction and the production tax credit for certain renewable resources.   

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