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3 min read

House, Senate GOP Tax Writers Begin Focused Work on Major 2025 Tax Bill

By NAIFA on 6/14/24 2:44 PM

House Ways & Means Committee Republicans have formed ten issue-specific “tax teams” to work on what to include in the looming 2025 major tax bill. Senate Finance Committee Republicans will tackle these issues in six “working groups.” Both say they “may” include Democrats in their deliberations at some point, but for now, it is an all-GOP effort.

Topics: Education Legislation & Regulations Taxes Debt Congress
2 min read

Revenue Looks to Become a Major Element of 2025 Tax Bill

By NAIFA on 6/14/24 2:43 PM

 

Recurring revenue estimates of the cost of extending the expiring 2017 tax cuts suggest that revenue will play a major role in the debate over the upcoming tax bill in 2025. After at least five revenue estimates, all covering a 10-year period that includes 2028, projections of the revenue lost due to current tax rules keep going up.

Topics: Legislation & Regulations Taxes Debt Congress NAIFA
1 min read

RISE Act Introduced in the Senate

By NAIFA on 6/14/24 2:42 PM

A companion Senate bill (S.4398) to the RISE Act introduced last fall in the House (H.R.6007) has been introduced. The RISE Act expands the tax credit available for starting retirement savings plans for very small businesses.

Topics: Retirement Legislation & Regulations Congress SECURE 2.0
1 min read

House-Passed Tax Bill Remains Stalled in the Senate

By NAIFA on 6/14/24 2:40 PM

The House-passed tax bill, H.R.7024, remains stalled in the Senate. However, its chief Senate sponsor, Sen. Ron Wyden (D-OR), says the bill is not dead. Sen. Wyden says he continues to work with Senate leadership to schedule Senate floor time on the bill.

Topics: Legislation & Regulations Taxes Congress
2 min read

GOP Senator Seeks Input on Providing Benefits for Independent Contractors

By NAIFA on 6/14/24 2:39 PM

Sen. Bill Cassidy (R-LA) has asked for public comments on how to amend current law to allow companies to provide benefits to their independent contractor workers who are not employees.  Sen. Cassidy is ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, the committee with jurisdiction over ERISA’s non-tax pension/retirement savings issues. He also serves on the Senate Finance Committee, which has jurisdiction over ERISA’s and other retirement savings tax issues.

Topics: Legislation & Regulations Congress
2 min read

Business Groups Sue to Overturn DOL’s Overtime Rule

By NAIFA on 6/14/24 2:38 PM

A coalition of business groups has filed a lawsuit seeking to overturn the Department of Labor’s (DOL’s) new and now-final white-collar exemption to Fair Labor Standards Act (FLSA) overtime (OT) rules. A court ruling on the lawsuit could result in a delay in the July 1 effective date of the new rule.

Topics: Legislation & Regulations DOL
2 min read

Ways & Means Questions Treasury Secretary Yellen on Biden Budget, Impending Tax Bill

By NAIFA on 5/15/24 1:55 PM

The House Ways & Means Committee held a hearing on April 30 with Treasury Secretary Janet Yellen as the sole witness. The hearing focused on the Biden budget tax proposals, and on the issues surrounding the scheduled expiration of the 2017 individual and estate tax rules.

Topics: Legislation & Regulations Taxes Congress
1 min read

Annuities in the Crosshairs

By NAIFA on 5/15/24 1:52 PM

Not only are fixed annuities now within the scope of the final fiduciary rule, but also a key tax writer is seeking information from the 12 biggest annuity writers about how annuities are sold. It appears that annuities are approaching being at the center of both Congressional and regulatory attention.

Topics: Legislation & Regulations SEC Congress Fiduciary Mass Mutual
2 min read

Education & the Workforce Has Hearing on Benefits for Independent Contractors

By NAIFA on 5/15/24 1:48 PM

The House Education & the Workforce’s Subcommittee on Workforce Protections held a hearing last month on how to allow states and companies to provide independent contractors with employer-provided benefits without causing them to be classified as employees. Subcommittee Chairman Rep. Kevin Kiley (R-CA) said at the hearing that he is working on legislation to achieve this result.

Topics: Legislation & Regulations Congress
1 min read

DOL Finalizes White-Collar Exemption to Overtime Rules

By NAIFA on 5/15/24 1:45 PM

The long-awaited final rule on the white-collar exception from the Fair Labor Standards Act’s (FLSA’s) overtime rules was released last month. The new rule significantly increases the salary threshold below which the white-collar exception does not apply and provides for automatic adjustments to the salary threshold every three years.

Topics: Legislation & Regulations Congress DOL
3 min read

FY 2024 Government Funding Complete without Fiduciary Rider

By NAIFA on 4/15/24 3:57 PM

In the wee morning hours of March 23—just two hours after the midnight March 22 deadline—Congress completed the fraught process of funding the federal government’s discretionary spending for fiscal year (FY) 2024—six months after FY 2024 began this past October 1. President Biden signed the measure into law the same day. Despite hard lobbying, the final funding package excluded a rider that would have stopped the Department of Labor’s (DOL) work on its fiduciary rule.

Topics: Legislation & Regulations Congress DOL Fiduciary
2 min read

NAIFA Meets with OIRA on DOL’s Proposed Fiduciary Rule; OIRA Returns Rule to DOL

By NAIFA on 4/15/24 3:44 PM

On April 10, NAIFA met with the White House’s Office of Information and Regulatory Affairs (OIRA) to express the association’s concerns about the Department of Labor’s (DOL’s) proposed fiduciary rule. NAIFA reiterated its long-standing opposition to the rule, citing its probable impact on the accessibility and affordability of professional investment advice for middle-American retirement savers. Late that afternoon, OIRA sent the proposed rule back to DOL for finalization, canceling at least two subsequent previously scheduled stakeholder meetings.

Topics: Legislation & Regulations Retirement Plans DOL Fiduciary
2 min read

CMS/DOL/Treasury Finalize Short-Term Limited Duration Health Insurance Rule

By NAIFA on 4/15/24 3:35 PM

On March 28, the Departments of Labor (DOL), Health and Human Services’ (HHS’) Centers for Medicare and Medicaid Services (CMS), and Treasury released a final short-term limited-duration (STLD) health insurance rule. It retains the proposed rule’s new limits of three months duration, with a four-month renewal option for this kind of insurance.

Topics: Legislation & Regulations Affordable Care Act CMS Congress DOL
2 min read

Ways & Means Holds Hearing on TCJA and Its Expiring Tax Cuts

By NAIFA on 4/15/24 3:29 PM

The tax-writing House Ways & Means Committee held a hearing on April 11 on the TCJA and its expiring individual and estate tax provisions. Predictably, the hearing showcased GOP support for extending the TCJA’s individual and estate tax rules that expire at the end of 2025. Democrats, on the other hand, called for more taxes to be paid by corporations and “the rich.”

Topics: Legislation & Regulations Taxes Congress
2 min read

Senate Opposition Grows to Quick Vote on House-Passed Tax Bill

By NAIFA on 4/15/24 3:17 PM

Republican Senators are growing increasingly reluctant to vote any time soon on the House-passed bill that would, among other things, allow for more generous business equipment depreciation and business loan interest deductibility. The bill would need 60 votes, and therefore at least ten Republicans, to pass the Senate. However, some key GOP Senators are demanding changes, while others urge waiting until next year when they think they will be in a stronger position.

Topics: Legislation & Regulations Taxes Congress
2 min read

House Advances Effort to Block the Final Worker Classification Rule

By NAIFA on 4/15/24 3:10 PM

A bicameral GOP resolution to block the Department of Labor’s (DOL’s) now-final worker classification rule has been introduced. On March 21, the House Education and the Workforce Committee approved a Congressional Review Act (CRA) motion to block the rule.

Topics: Legislation & Regulations CMS Congress DOL
1 min read

CMS Releases ACA Marketplace Rules for 2025

By NAIFA on 4/15/24 3:05 PM

On April 2, the Centers for Medicare, and Medicaid Services (CMS) released its final rules for Affordable Care Act (ACA) marketplaces for 2025. The rules include the requirements applicable to advisors who work with participants in ACA marketplace insurance.

Topics: Legislation & Regulations CMS Congress
1 min read

Senate and House Democrats Reintroduce Bicameral Wealth Tax Bill

By NAIFA on 4/15/24 2:54 PM

Sen. Elizabeth Warren (D-MA) and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have reintroduced their wealth tax legislation that would impose increased tax liability on the ultra-wealthy. The bill would impact taxpayers with household income in excess of $50 million.

Topics: Legislation & Regulations Taxes Congress
2 min read

Bicameral, Bipartisan National Privacy Proposal Released

By NAIFA on 4/15/24 2:47 PM

On April 7, Sen. Maria Cantwell (D-WA) and Rep. Cathy McMorris Rodgers (R-WA) released a proposed national privacy standard. Sen. Cantwell and Rep. McMorris Rodgers chair the committees with jurisdiction over the proposal and so, although its enactment is a long shot this year, it is a proposal that privacy rights interests are taking very seriously.

Topics: Legislation & Regulations Congress Privacy
2 min read

Democrats Offer Federal Paid Leave, Shortened Workweek Bills

By NAIFA on 4/15/24 2:39 PM

Democrats have offered one bill to create a federal paid leave program and another to shorten the standard workweek to 32 hours.

Topics: Legislation & Regulations Congress

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