Today, Congressman Josh Gottheimer (NJ-5), after voting for the Family Savings Act and the American Innovation Act, released the following statement:

“I came to Washington to lower taxes for New Jersey and I’m proud that today Congress passed common sense tax cuts that take care of New Jersey businesses, families, and individuals. Thanks to today’s tax cuts, it’s easier to retire in New Jersey, it’s easier to hire in New Jersey, and it’s easier for families to save for college.”

The Family Savings Act of 2018 (H.R. 6757) would give individuals more flexibility to save for retirement and provide incentives for businesses to offer more retirement plans through new joint programs. The measure would also expand the eligible uses of 529 education savings plans and establish universal savings accounts to encourage individual savings. Additionally, it would allow individuals to temporarily withdraw money from their retirement accounts following a birth or adoption, and would modify contribution limits and mandatory minimum distribution requirements for older Americans.

The American Innovation Act of 2018 (H.R. 6756) would help startups and small businesses by increasing the value of deductions for businesses’ initial costs. Businesses could deduct as much as $20,000 in combined startup and organizational expenditures, a fourfold increase.