U.S. House Committee Approves Tax Reform 2.0 Legislation
Last week, the U.S. House of Representatives Committee on Ways and Means, the chief tax-writing committee, passed a second round of tax reform legislation – informally referred to as Tax Reform 2.0. The three bills approved by the committee, H.R. 6760, H.R. 6757, and H.R. 6756, follow last year’s tax reform package, which NMMA advocated for and secured provisions favored by the industry.
H.R. 6760 is the central part of the Tax Reform 2.0 package and would make the personal and pass-through tax rates passed as part of last year’s reform permanent. The current rates are set to expire after 2025. The bill would also continue immediate write-offs for business investments and permanently cap the federal deduction for state and local taxes at $10,000.
In addition, H.R. 6757 would broaden retirement tax benefits, and H.R. 6756 would provide more tax breaks for new businesses to write-off startup costs. All three bills now head to the full U.S. House for consideration.
NMMA will continue to engage with Congress to ensure that any new tax legislation is good for the boating industry. For more information, please contact NMMA Senior Vice President of Government Relations and Legal Affairs, Nicole Vasilaros at [email protected] or NMMA Director of Federal Government Affairs, Mike Pasko at [email protected].