The House is expected to vote next week on a bill aimed at encouraging retirement savings, a spokeswoman for Majority Leader Steny HoyerSteny Hamilton HoyerGOP launches anti-BDS discharge petition Hoyer: Dems will move quickly on anti-Israel boycott bill Disinvited GOP lawmaker turns up at Dem hearing MORE (D-Md.) said Thursday.
The House Rules Committee is scheduled to meet on Monday on the bill, known as the SECURE Act.
The bill contains a host of provisions aimed at making it easier for businesses to offer retirement plans and make it easier for taxpayers to save for retirement. Two provisions relating to 529 education savings plans will be removed from the package, the spokeswoman said.
The legislation passed the House Ways and Means Committee last month by voice vote, and Hoyer said several weeks ago that he expected to bring the measure to the House floor in May.
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But there had been some doubts about the timing of a vote, because teachers unions raised concerns about certain provisions relating to 529 plans. Those provisions were Republicans’ priorities in the bipartisan package.
Ways and Means Committee Chairman Richard NealRichard Edmund NealOn The Money: Mnuchin signals officials won’t release Trump tax returns | Trump to hold off on auto tariffs | WH nears deal with Mexico, Canada on metal tariffs | GOP fears trade war fallout for farmers | Warren, regulator spar over Wells Fargo Disinvited GOP lawmaker turns up at Dem hearing Mnuchin signals administration won’t comply with subpoena for Trump tax returns MORE (D-Mass.) has filed a manager’s amendment to the bill that would remove provisions in the bill that would have allowed people to use money in 529 plans for homeschooling expenses and certain private-school ancillary expenses.
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The top Republican on the Ways and Means Committee, Rep. Kevin BradyKevin Patrick BradyHouse chairman issues subpoenas for Trump’s tax returns Top Republican urges Dem chairman to drop Trump tax returns effort Dems highlight NYT article on Trump’s business losses in ‘tax gap’ hearing MORE (R-Texas) told reporters Wednesday that he hadn’t made a determination about how he would vote on the bill if the 529 plan provisions were removed from the package. He expressed concerns that removing the provisions will “lower bipartisan support for the package we reached in good faith.”
Neal’s manager’s amendment also would add to the bill a provision that would fix an issue with Republicans’ 2017 tax-cut law, where taxes were raised on military survivor benefits given to children. Republicans said the tax increase was an unintended consequence of their measure, and they are supportive of fixing it.
Boosting retirement savings is a bipartisan priority among lawmakers in both chambers of Congress. Hearings were held in both the House and Senate on the issue this week, and Senate Finance Committee Chairman Chuck GrassleyCharles (Chuck) Ernest GrassleyOn The Money: Mnuchin signals officials won’t release Trump tax returns | Trump to hold off on auto tariffs | WH nears deal with Mexico, Canada on metal tariffs | GOP fears trade war fallout for farmers | Warren, regulator spar over Wells Fargo Budget chairs pick former Bush official to head CBO GOP senator pans Trump’s aid to farmers as ‘very bad policy’ MORE (R-Iowa) and Ron WydenRonald (Ron) Lee WydenHillicon Valley: Trump signs order to protect US networks from Chinese tech | Huawei downplays order | Trump declines to join effort against online extremism | Facebook restricts livestreaming | FCC proposes new tool against robocalls Senate Dems introduce election security bill requiring paper ballots Dem senator asks Trudeau to ensure NBA’s Enes Kanter safe passage to Canada MORE (D-Ore.) have introduced a bill that is similar to the SECURE Act. Their bill does not include the provisions relating to 529 plans.