The House Ways and Means full committee markup for Tax Reform 2.0, including H.R. 6756, 6757, 6760, occurred Sept. 13, with the package passing out of committee. While originally intended for inclusion, H.R. 1337, the Legacy IRA bill that enables seniors to make tax-free contributions from their individual retirement accounts (IRA) to charities through life income plans was left off the table.
The opening committee remarks made by Chairman Kevin Brady (R-Texas), support what we understand, that the chairman and committee support H.R. 1337. Brady noted, “The second part of Tax Reform 2.0, the Promoting Family Savings Act of 2018, which is sponsored by Congressman Mike Kelly, will help families save more and earlier throughout their lives by expanding access to new and existing savings vehicles. This will help families and individuals save for their future now that they are seeing their paychecks increase and are keeping more of their hard-earned money. In addition, the Promoting Family Savings Act will help local businesses provide retirement plans to their workers and will help workers participate in retirement plans.”
There are at least two potential opportunities to advance this Legacy IRA bill.
One path is to include in the manager’s amendment when tax reform 2.0 goes to the House Rules Committee now that Chairman Pete Sessions (R-Texas) is a cosponsor and Brady supports. House leadership wants to bring 2.0 to the floor before Oct. 1. The Alliance for Strong Families and Communities sent emails of appreciation and support to the recently signed on co-sponsors: Sessions, House Ethics Chair and GOP chair of the Women’s Caucus Congresswoman Susan Brooks (R-Ind.), Rep. Elise Stefanik (R-N.Y.), and LHHS Subcommittee Chairman Congressman Tom Cole (R-Okla.).
Another path is to seek inclusion in the retirement package (Retirement Enhancement and Savings Act (RESA)) if that bipartisan bill ends up moving separately later this fall. Lori Prater, Legislative Director to Rep. Mike Kelly (R-Penn) supports such inclusion. The Alliance emailed Prater expressing thanks for her support. Reach out to Prater offering your support for H.R. 1337 inclusion into RESA, and copy the Alliance Office of Public Policy and Mobilization so we can track engagement and refer to your support in future communication with Kelly’s office.
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