Top Republican tax law writer Rep. Kevin Brady, R-Texas, wants at least one more major tax law under his name.
On Monday night, Brady, who chairs the House Ways and Means Committee that has jurisdiction over taxes, introduced a nearly 300-page tax bill with the aim of passing it before Republicans lose their majority in the House of Representatives.
Provisions in the bill include extensions of a raft of expired temporary tax breaks such as tax credits aimed at renewable or alternative fuels; tweaks to the treatment of tax-privileged retirement savings accounts, such as 401(k)s; a waiver of tax penalties for early withdrawals from retirement accounts in the case of the adoption or birth of a child; and corrections to last year’s tax code overhaul.
“This broad, bipartisan package builds on the economic successes we continue to see throughout our country,” said Brady in a release heralding the new bill. “The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”
To pass the bill, though, Republicans will need Democratic support in the Senate. Only two more weeks of congressional session, past this current one, are scheduled for the remainder of the 115th Congress, and this Congress could effectively end as soon as Dec. 7, the deadline for a government funding bill to pass into law to avoid a shutdown of some government agencies.
