The process continues in D.C. as the Tax Cuts and Jobs Act faces hearings before the House Ways and Means Committee.
On Monday Chairman Brady released a set of amendments, adopted by the Committee, that made the following revisions to the bill.
- Rules mandating proper net earnings from self-employment for earned income tax credit
- Employers must give employees’ name and address on payroll tax returns
- Three year holding period for carried interests to get long term capital gain treatment
- 1.4% excise tax only applies to universities with endowments of more than $250,000 per student
- Deferral up to five years for income from stock options or restricted stock units if corporation’s stock is not publicly traded
- Restores ability to treat self-created musical works as capital assets
- Continue employer exclusion of dependent care assistance of up to $5,000 through 2022