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On Wednesday, the US House of Representatives approved bipartisan legislation to temporarily expand the child tax credit and bring back some business tax breaks.
By a 357-70 vote, the $78 billion Tax Relief for American Families and Workers Act passed, receiving support from 188 Democrats and 169 Republicans. However, 47 Republicans and 23 Democrats voted against the bill.
Speaker Mike Johnson (R-LA) said in a statement before the bill was passed, "The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reforms. Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.”
The legislation is now headed to the Senate, where Sen. Mike Crapo, R-Idaho, the top Republican on the Senate Finance Committee, previously called the bill a "starting point" in tax talks.
The legislation includes an annual increase of the child tax credit’s maximum refundable amount from $1,600 until its final year of 2025 when the credit hits $2,000. The bill also enhances child tax credit benefits for families with multiple children.
The legislation will also increase American businesses’ ability to expense research and development costs if it’s done in the US to help incentivize new American manufacturing.
By a 357-70 vote, the $78 billion Tax Relief for American Families and Workers Act passed, receiving support from 188 Democrats and 169 Republicans. However, 47 Republicans and 23 Democrats voted against the bill.
Speaker Mike Johnson (R-LA) said in a statement before the bill was passed, "The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reforms. Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.”
The legislation is now headed to the Senate, where Sen. Mike Crapo, R-Idaho, the top Republican on the Senate Finance Committee, previously called the bill a "starting point" in tax talks.
The legislation includes an annual increase of the child tax credit’s maximum refundable amount from $1,600 until its final year of 2025 when the credit hits $2,000. The bill also enhances child tax credit benefits for families with multiple children.
The legislation will also increase American businesses’ ability to expense research and development costs if it’s done in the US to help incentivize new American manufacturing.
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