Ways and Means Chair Brady Releases Revised Tax, Retirement Bill

The revised version of the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018 contains all the provisions from the Senate-passed Retirement Enhancement and Savings Act (RESA) that had been included in the original bill, released on Nov. 26.

IRI spokesman Dan Zielinski told ThinkAdvisor on Monday that the new 529 plan provision appears to be the only "significant" change. "This doesn't mean this is the end vehicle," Zielinski added. "Clearly the issue as a whole is in serious discussion."

The 529 plan provision included in Monday's revised bill had originally been included in the House-passed Family Savings Act but was stripped out of the version of the bill Brady introduced on Nov. 26.

The bill also provides temporary tax relief for victims of the wildfires in California and for communities impacted by hurricanes Florence and Michael and by storms and volcanoes in the Pacific.

Rep. Brady said in releasing the retooled tax relief package that "it's irresponsible to wait until next year to deliver crucial tax relief for families in 14 states and territories struggling to recover from devastating wildfires, hurricanes, flooding and other storms. Both parties need to come together to help these communities now."

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