WASHINGTON – Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee and former Chairman of the Tax Subcommittee, applauded committee passage of the bipartisan and bicameral Tax Relief for American Families and Workers Act.
“America is at an economic crossroads, fighting for competitiveness in an increasingly global 21st century,” said Congressman Buchanan. “As someone who spent 30 years building businesses, as well as a former chairman of the Ways and Means Tax Subcommittee, I know from experience that making our tax code more competitive means greater prosperity for American families and businesses. I’m pleased to see this important legislation pass out of committee and move one step closer to becoming law.”
Specifically, The Tax Relief for American Families and Workers Act of 2024 will:
- Restore full and immediate expensing, empowering America’s small businesses and job creators to grow and expand by allowing them to completely deduct the cost of new and used equipment
- Support American manufacturing and innovation by extending Research & Development (R&D) expensing, enabling businesses to immediately deduct the cost of their U.S.-based R&D
- Help working families by expanding access to the Child Tax Credit
- Increase access to affordable housing across the country by enhancing the Low-Income Housing Tax Credit
For a section-by-section, click here.
Buchanan has led five of the six Ways and Means Subcommittees and currently sits on the Joint Committee on Taxation, a small group of the most senior tax writers in Congress.
