31 Jan 2024 BPC Action Urges Yes Vote on the Tax Relief for American Families and Workers Act of 2024 in Economics and Finance, Tax
BPC Action commends lawmakers for their bipartisan collaboration in creating a tax package that will support American families, increase affordable housing, and grow the economy. We urge members of the House of Representatives to vote in favor of passing the Tax Relief for American Families and Workers Act of 2024, H.R. 7024.
In particular, BPC Action is pleased to see bipartisan consensus on several provisions, including:
- An R&D correction that restores full and immediate expensing to incentivize investment
- Child Tax Credit expansions that support low-income families and retain work incentives
- Low-Income Housing Tax Credit (LIHTC) expansions that will increase the supply of affordable rental homes; and
- Fiscally responsible offsets paring back the troubled Employee Retention Tax Credit.
It is encouraging to see lawmakers working across the aisle, and we urge continued collaboration ahead of major tax policy expirations in 2025. We hope to see bipartisan momentum on this critical issue continue and urge the House to pass this bill.
