House GOP Unveils Lame-Duck Tax Bill

U.S. House Republicans on Monday unveiled a tax bill they plan to seek passage during the lame-duck session of Congress this week.

Legislators are returning from their Thanksgiving recess this week and are scheduled to adjourn on Dec. 13. The Democrats will take over the House when the 116th Congress convenes in January.

The 297-page tax bill is titled the Retirement, Savings, and Other Tax Relief Act of 2018. It renews expired tax provisions, addresses glitches in the Tax Cuts and Jobs Act passed last year, and improved savings- and retirement-related tax provisions.

"This broad, bipartisan package builds on the economic successes we continue to see throughout our country," outgoing Ways and Committee Chairman Kevin Brady, R-Texas, said in a news release. "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."

The Insured Retirement Institute is satisfied with the package.

“IRI is pleased to see that provisions of the Retirement Enhancement and Savings Act are included in this bill that were not part of the Family Savings Act," said Paul Richman, vice president for government affairs. "We will continue to advocate that Congress enact comprehensive retirement security legislation before adjourning for the year.”

A Republican aide told The Hill the tax package will likely receive a House floor vote later this week.

Although the Republicans have enough votes for passage in the House, it would need 60 votes to be approved the Senate. The Republicans have a 51-49 edge over the Democrats in the upper chamber.

Hours before the GOP released the bill, Sen. Ron Wyden, of Oregon, the ranking Democrat on the Finance Committee, said in a Politico report the House GOP "are not negotiating with Democrats."

"The first time Finance Committee Dems saw Brady's legislation was in his press release," Wyden spokeswoman Rachel McCleery posted on Twitter on Monday night. "There was no communication from his staff, including a heads up that something was coming. That is not how you negotiate."

The expired tax provisions, which are known as "extenders," deal with energy and one killing the tax triggered when people have mortgage debt forgiven.

Also some glitches in last year's tax law rewrite include ones related to Real Estate Investment Trust dividends, certain residential rental projects and some effecting the retail industry.

The bill also provides tax relief for victims of Hurricane Florence, Hurricane Michael, California wildfires, and storms and volcanoes in the Pacific.