November 8, 2017
HitesmanLaw, P.A. previously issued an alert describing the impact of The Tax Cuts and Jobs Act (H.R. 1) on employee benefits if it passed as presented. One significant provision in the bill that we highlighted was the repeal of the tax exclusion for dependent care assistance plans under Section 129 of the Internal Revenue Code. The provision would have impacted employee benefit plans as early as January 1, 2018. The House Ways and Means Committee is currently in the process of marking up the bill and has already approved an amendment (offered by the author of the original bill) delaying the effective date of the repeal of Section 129 to January 1, 2023.
Stay tuned for other changes. We will continue to monitor any developments in this area and provide updates as needed.
Please contact us for any questions regarding the bill.