Earlier this month, the U.S. Senate failed to pass The Tax Relief for American Families and Workers Act of 2024 (HR 7024), a $78 billion bipartisan tax bill that advanced out of the House in January. While the House overwhelmingly passed the legislation, the Senate fell well short of the necessary 60 votes to send on to the President to sign.
The Tax Relief for American Families and Workers Act (HR 7024) passed the House 357-70 in January and had been teed up for consideration in the Senate. Some of the key provisions include extending or expanding certain tax credits for individuals and businesses.
READ MORE: Tax Relief for Working Families and Workers Act of 2024
The bill would have expanded the Child Tax Credit and Low-Income Housing tax credit. In addition, the bill would have delayed or modified a number of provisions in the Tax Cuts And Jobs Act until 2025, including the phase out of bonus depreciation, the requirement to capitalize Research and Development (R&D) expenditures, and the IRC 163(j) interest limitation.