The tax-writing House Ways and Means Committee on June 7th approved several tax-related bills that, if enacted, would affect a myriad of subjects.
None of the bills make changes to statutory tax rates. Many of them are narrowly focused on issues in the Internal Revenue Code that don’t appear on a 1040 form.
The Committee debated and approved the following bills. Most amend the Internal Revenue Code:
- H.R. 3796, extends fuel and other taxes that fund the Airport and Airways Trust Fund. These taxes are extended from September 30, 2023, to September 30, 2028. (Not in the bill, but Chairman Smith would like to approve legislation would allow air pilot students to use 529 accounts to pay for their training.)
- H.R. 1843, amends the Internal Revenue Code to permanently extend the exemption for telehealth services from certain high deductible health plan rules.
- H.R. 3800, allows preventive care services for chronic conditions to be treated as preventive care in high deductible health plans.
- H.R. 3797, amends the Internal Revenue Code to reduce paperwork regarding business provided health-care coverage to workers.
- H.R. 3801, amends the Internal Revenue Code by modifying information returns workers receive on employer-covered health care.
- H.R. 3798, modifies the Internal Revenue Code to require the Treasury Secretary to notify employers of the availability of their tax-advantaged flexible health insurance benefits. This provision is aimed at helping small business owners who may not have an HR team that tracks health coverage.
- H.R. 3799, amends the Internal Revenue Code to allow employers to use company money to buy health insurance desired by their workers.
- H.R. 3784, creates a single point of contact for Social Security recipients who have suffered identity theft. This bill does not amend the Internal Revenue Code.
- H.R. 3667, provides for the reissuance of Social Security account numbers to children under age 14 in cases where confidentiality has been compromised. This bill does not amend the Internal Revenue Code.
It is not clear when the House of Representatives will vote on these bills, but when they do the bills will likely pass. It is unclear if all of these bills can pass the Senate.
All committee documents associated with this event are here.