On September 10, the House Ways & Means Committee released their Tax Reform 2.0 legislative package. Three days later, the three bill package was marked up by the committee and passed on a 21-15 party line vote. . The bills seek to make the temporary individual side tax cuts included in the Tax Cuts and Jobs Act permanent, including:

• doubling of the standard deduction
• $10,000 cap on the State and Local Tax Deduction
• doubling of the estate tax exemption
• increasing the Adjusted Gross Income limitation for charitable gifts of cash from 50 percent to 60 percent for cash gifts, and 
• eliminating of the Pease limitation.

While the bills were voted out of committee, it is unclear if or when the full House will consider the legislation. The Senate is not expected to consider nor vote on Tax Reform 2.0.

This article is from the September 2018 BriefCASE issue.