Tax Reform in 2017

Submitted by Abbey Hudson on Thu, 01/26/2017 - 17:17

Last week, Donald Trump was inaugurated and began his term as the 45th President of the United States. Republicans hold the majority in both the House and Senate. Both President Trump and leaders in Congress have raised the possibility of major tax reform legislation. Even Treasury nominee Steven Mnuchin brought up tax and IRS reform in his confirmation hearings last week.

As we have stated before, we do not think that IRC Sections 104(a) or 130 have been singled out as a target when it comes to tax reform initiatives. That being said, there is a real possibility that the new administration will make large scale tax reform updates that effect these IRC Sections unintentionally. One of our goals this year is to focus on government education and to ensure that the financial security of injury victims and their families remains a top priority. Our members have built solid relationships with elected officials, and we will continue to take every opportunity to educate our representatives that may not be familiar with the value of structured settlements as part of a comprehensive settlement plan.

NSSTA will be hosting the 2017 Take the Hill initiative on March 7-8. Members will have the opportunity to meet with their elected representatives on The Hill to discuss structured settlements and the impact that tax reform can have on injury victims and their families. Members are also meeting with their representatives at local offices in their home states, as well as making phone calls and sending letters to their Congressional offices to raise awareness about structured settlements and the importance of IRC Sections 104(a)(1), 104(a)(2) and 130(c). You can find the name of your Congressional Representative at USA.gov. 

The best way to ensure that the IRC Sections regarding structured settlements remain intact is if we can come together as an industry to provide education and raise the profile of the positive work that our members do for claimants and their families. If you have any questions about how you can support government education initiatives, please call us at 202-289-4004 or visit www.nssta.com.