ASRM Responds to Tax Reform Plan
Nov 09, 2017
Origin: ASRM Bulletin
This week, U.S. House and U.S. Senate tax writing committees unveiled long anticipated proposals to overhaul the nation’s tax laws.
The House Ways and Means Committee began consideration of its bill, HR 1, the “Tax Cuts and Jobs Act,” on Monday. ASRM submitted a letter to the Chairman and Ranking Member of the committee opposing several provisions contained in that version of the bill, specifically those repealing the medical expense deduction, adoption tax credit, and tax breaks for employer-provided adoption benefits. ASRM also expressed alarm over a provision allowing tax advantaged educational savings plan for the unborn.
Today, the Chairman of the committee introduced a substitute amendment which is expected to be voted on later today. The amendment restores the adoption tax credit but retains the other provisions of concern to ASRM. The full House of Representatives is expected to vote on the measure next week.
Meanwhile, the Senate Finance Committee released a summary of its proposed bill today. While legislative language is not yet available, the summary indicates the bill will retain the medical expense deduction and adoption tax credit. However, the summary indicates the bill will include provisions allowing tax preferenced educational benefits for the unborn. A Senate vote is not expected until after the Thanksgiving holiday.