About HR7024

Tax Relief for American Families and Workers Act of 2024

Policy Area: Taxation

Sponsor: Rep. Smith, Jason [R-MO-8] (R-MO)

Latest Action (2024-08-01): Motion by Senator Schumer to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 230) made in Senate.

Summary

Tax Relief for American Families and Workers Act of 2024 TITLE I–TAX RELIEF FOR WORKING FAMILIES This title modifies the calculation of the refundable portion of the child tax credit to require the multiplication of the credit amount in calendar years 2023-2025 by the number of qualifying children. The maximum refundable amount per child of such credit is increased to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with an inflation adjustment beginning after 2023. The title allows taxpayers to elect in 2024 and 2025 to use prior year earned income in calculating their earned income tax credit TITLE II–AMERICAN INNOVATION AND GROWTH This title allows taxpayers to delay the date on which they must begin deducting their domestic research or experimental research costs over a five-year period until 2026. Taxpayers may therefore expense such costs incurred between 2022-2026. The title extends the allowance for depreciation, amortization, or depletion in determining the limitation of the business interest deduction. It also extends 100% bonus depreciation and increases the limitations on expensing of depreciable business assets. TITLE III–INCREASING GLOBAL COMPETITIVENESS Subtitle A–United States-Taiwan Expedited Double-Tax Relief Act United States-Taiwan Expedited Double-Tax Relief Act This subtitle sets forth special rules for the taxation of certain residents of Taiwan, including rules for the reduction of withholding taxes, the application of permanent establishmen

Subjects: Accidents, Administrative law and regulatory procedures, Asia, Congressional oversight, Department of the Treasury, Fires, Hazardous wastes and toxic substances, Immigration status and procedures

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