In a vote on December 20, the U.S. House of Representatives passed H.R. 88, titled the “Retirement, Savings, and Other Tax Relief Act of 2018.” The bill underwent an amendment in mid-December, which added several tax-deferred savings arrangement provisions.
Should the Republican-controlled Senate take up the bill, it would need the support of at least nine Senate Democrats to pass Congress and move to the President for signature or veto. With the holidays quickly approaching and the specter of a partial government shutdown looming, consideration by the Senate before year-end may be unlikely. In addition, although some components of the amended bill are viewed favorably by both parties, there remains contention over several of the provisions.
Thus passage, even after the holidays (but before the end of the current session), may not be likely. It is likely, however, that the bill—or at least some of its popular components—may be considered at a later date by the 116th Congress (including newly-elected members), which convenes on January 3, 2019.
Watch Ascensus.com News for any future developments.