House Ways and Means Committee Approves Tax Bills

Washington, DC, October 10, 1997 - The House Ways and Means Committee yesterday approved by voice vote the Tax Technical Corrections Act of 1997, H.R. 2645, for consideration by the House of Representatives. The purpose of this bill, which is supported by the Treasury Department, is to make various technical corrections to previously enacted tax legislation, primarily the Taxpayer Relief Act of 1997.

The Committee also approved by a 19-17 roll call vote a separate bill, H.R. 2646, that would (1) increase the maximum annual contribution to an Education IRA from $500 to $2,500 and (2) permit withdrawals from Education IRAs for educational expenses relating to kindergarten through grade 12 education. This separate bill is expected to be strongly opposed by the Clinton Administration.