Daily Tax Update - February 2, 2016: JCT Says No Significant Revenue Impact From SAVERS Act

JCT Says No Significant Revenue Impact From SAVERS Act:  The Joint Commission on Taxation released two reports scoring H.R. 4294, The Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015, and scoring a markup of the bill introduced by Representative Peter Roskam (R-IL).  Both proposals were estimated to have a negligible effect on federal fiscal year budget receipts for the 10-year budget window.  The proposals would modify the prohibited transaction rules between certain qualified retirement plans and disqualified persons to provide a statutory definition of “investment advice” and to add a statutory exemption for certain investment advice provided in the best interest of the recipient (and would have the effect of blocking related rules proposed by the Department of Labor in April 2015).