{"id":2153839,"date":"2024-01-19T14:24:02","date_gmt":"2024-01-19T19:24:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-panel-votes-overwhelmingly-to-advance-child-tax-credit-and-business-tax-bill\/"},"modified":"2024-01-19T14:29:27","modified_gmt":"2024-01-19T19:29:27","slug":"house-panel-votes-overwhelmingly-to-advance-child-tax-credit-and-business-tax-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-panel-votes-overwhelmingly-to-advance-child-tax-credit-and-business-tax-bill\/","title":{"rendered":"House panel approves child tax credit and business tax bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-panel-votes-overwhelmingly-to-advance-child-tax-credit-and-business-tax-bill%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2153839&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The House \u2064Tax-Writing Panel Advances Major Bipartisan Proposal\u200d to Expand Child \u200bTax Credit and Renew Business\u200c Investment Deductions<\/h2>\n<blockquote>\n<p>The Ways and \u200bMeans Committee advanced the bipartisan proposal\u200b on Friday in an overwhelming 40-3 vote. The Tax Relief for American Families and \u2064Workers Act, negotiated between \u2063Chairman Jason Smith (R-MO) \u200band Senate \u200dFinance Committee \u200dChairman Ron Wyden\u200d (D-OR), \u2064aims to \u200cexpand the\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a> and restore expired tax provisions for businesses.<\/p>\n<\/blockquote>\n<h3>Benefits for Families<\/h3>\n<ul>\n<li>The bill would make the child tax credit more generous \u2062by changing the calculation on a per-child basis.<\/li>\n<li>It\u2062 would increase the \u2062maximum refundable amount per child to $1,800\u2063 in tax year 2023, $1,900 \u2064in \u200c2024, and $2,000 in \u20632025.<\/li>\n<li>This \u200cchange would particularly benefit lower-income families who pay\u2063 little to\u200c nothing in income taxes.<\/li>\n<\/ul>\n<h3>Support for Businesses<\/h3>\n<ul>\n<li>The \u200bbill also renews a\u2062 tax deduction for research and \u2064development costs,\u200b which businesses\u2062 have\u200d been \u200badvocating for.<\/li>\n<li>It temporarily pauses\u200b the phaseout of bonus depreciation, allowing companies to write\u2063 off certain capital expenditures immediately.<\/li>\n<\/ul>\n<p>These business provisions have\u2063 bipartisan support and\u200d were included in the proposal\u2063 alongside \u200bthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dr-fauci-schools-need-stimulus-bill\/\" title=\"Dr. Fauci: Schools Need Stimulus Bill\">expanded child tax credit<\/a>, a \u2062key priority\u200c for Democrats.<\/p>\n<h3>Reactions and\u200d Criticisms<\/h3>\n<p>While some Democrats on the committee felt that the bill didn&#8217;t go far\u200d enough \u200cin \u2062expanding the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/child-tax-credit-payment-worth-500-per-child-to-be-sent-to-maryland-families-in-2024\/\" title=\"Maryland families to receive 0 per child in 2024 as child tax credit payment.\">child\u2062 tax credit<\/a>, they still\u2064 voted for it. In 2021, Democrats had previously increased the \u200dchild tax credit, \u200dbut that \u2063enhancement \u2063has since expired.<\/p>\n<p>Republicans, who largely\u2064 opposed the temporary pandemic-era expansion,\u200d have shown increasing support for\u200c expanding the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/burgum-backs-bigger-child-tax-credit-amid-broader-gop-family-push\/\" title=\"Burgum supports increased child tax credit in GOP's family-focused agenda.\">child \u200ctax credit<\/a> with work requirements. Some lawmakers\u2062 see this as a way to incentivize family growth and support poor families with children.<\/p>\n<h3>Next\u200d Steps<\/h3>\n<p>The Tax Relief \u200bfor American Families and Workers Act will\u2062 now move to \u2063the full\u2064 House\u2064 for a vote in \u2063the coming weeks. It will\u200b also \u200dneed approval from the Senate.<\/p>\n<p> <\/p>\n<h2> How are the business investment\u200b deductions renewed in the proposal expected to stimulate economic growth and\u2063 support struggling companies during the pandemic<\/h2>\n<p><span>  Rtisan proposal \u200bon Wednesday\u200c \u200cto\u200c \u200cexpand\u200c \u200cthe\u200c \u200cChild\u200c \u200cTax\u200c \u200cCredit\u200c \u200cand\u200c \u200crenew\u200c \u200cbusiness\u200c \u200cinvestment\u200c \u200cdeductions.\u200c \u200cThis\u200c \u200cvote\u200c \u200cmarks\u200c\u2063 \u200ca\u200c \u200cmajor\u200c \u200cmilestone\u200c \u200cin\u200c \u2062\u200cthe\u200c \u200cefforts\u200c \u200cto\u200c \u200cprovide\u200c \u2063\u200crelief\u200c \u200cto\u200c\u2064 \u200cfamilies\u200c \u200cand\u200c \u200cstrengthen\u200c \u200cthe\u200c \u200ceconomy\u200c \u200cin\u200c \u200cthe\u200c \u200ccurrent\u200c \u200cchallenging\u200c \u200ctimes.<\/p>\n<p>The\u200c \u200cproposal,\u200c \u200cwhich\u200c \u200creceived\u200c\u2063 \u200cbipartisan\u200c \u200csupport,\u200c \u200caims\u200c \u200cto\u200c \u200cincrease\u200c \u200cthe\u200c \u200cChild\u200c \u200cTax\u200c \u200cCredit\u200c\u200b \u200cto\u200c\u2063 \u200c$3,000\u200c \u200cper\u200c \u200d\u200cchild,\u200c \u200cwith\u200c \u200can\u200c \u200cadditional\u200c \u200c$600\u200c \u200cfor\u200c \u200cchildren\u200c\u2062 \u200cunder\u200c \u200cthe\u200c \u200cage\u200c \u200cof\u200c \u200csix.\u200c \u200cFurthermore,\u200c \u200cit\u200c \u200cmakes\u200c \u200cthe\u200c \u200ccredit\u200c \u200cfully\u200c\u200c \u200crefundable,\u200c \u200callowing\u200c\u200c \u200cfamilies\u200c \u200cto\u200c \u200creceive\u200c \u200cthe\u200c \u200cfull\u200c \u200camount\u200c\u200d \u200ceven\u200c \u200cif\u200c \u200cthey\u200c \u200chave\u200c \u200cno\u200c \u200cfederal\u200c \u200cincome\u200c \u200ctax\u200c \u200cliability.\u200c \u200cThis\u200c \u200cchange\u200c \u200cis\u200c \u200cexpected\u200c \u200cto\u200c \u200cassist\u200c \u200clow-income\u200c\u200b \u200cfamilies\u200c \u200csignificantly,\u200c \u200clifting\u200c \u200cthem\u200c \u200cout\u200c \u200cof\u200c \u200cpoverty\u200c \u200cand\u200c \u200cproviding\u200c \u200cthem\u200c \u200cwith\u200c \u200cmuch-needed\u200c \u200cfinancial\u200c \u200csupport.<\/p>\n<p>Additionally,\u200c \u200cthe\u200c \u200cproposal\u200c \u200crenews\u200c \u200cbusiness\u200c \u200cinvestment\u200c \u200cdeductions,\u200c \u200callowing\u200c \u200ccompanies\u200c \u2064\u200cto\u200c \u200cdeduct\u200c \u200cthe\u200c \u200cfull\u200c \u200ccost\u200c \u200cof\u200c \u200cqualified\u200c \u200cequipment\u200c \u200cpurchases\u200c \u200cin\u200c \u200cthe\u200c \u200cyear\u200c \u200cthey\u200c \u200care\u200c \u200cacquired.\u200c \u200cThis\u200c \u200cprovision\u200c \u200caims\u200c \u200cto\u200c \u200cencourage\u200c \u200cbusiness\u200c \u200cinvestment\u200c \u200cand\u200c\u200b \u200cstimulate\u200c \u200ceconomic\u200c \u200cgrowth,\u200c \u200cparticularly\u200c \u200cat\u200c \u200ca\u200c \u200ctime\u200c \u200d\u200cwhen\u200c \u200cmany\u200c \u200ccompanies\u200c \u200care\u200c \u200cstruggling\u200c \u200cdue\u200c \u200cto\u200c \u200cthe\u200c \u200d\u200cpandemic.\u200c \u200cBy\u200c \u200callowing\u200c \u200ccompanies\u200c \u200cto\u200c \u200cwrite\u200c \u200coff\u200c \u200cthese\u200c \u200cinvestment\u200c \u200ccosts\u200c\u2064 \u200cup\u200c \u200cfront,\u200c \u200cit\u200c \u200cprovides\u200c \u200cthem\u200c \u200cwith\u200c \u200cmuch-needed\u200c \u200cliquidity\u200c \u200b\u200cand\u200c \u2064\u200cthe\u200c \u2063\u200cability\u200c \u200cto\u200c \u200creinvest\u200c \u200cin\u200c \u200ctheir\u200c \u200cbusinesses.<\/p>\n<p>The\u200c \u200cbipartisan\u200c \u200cnature\u200c \u200cof\u200c \u200cthis\u200c\u2063 \u200cproposal\u200c \u200cis\u200c \u200cencouraging\u200c \u200cand\u200c \u200csends\u200c \u200ca\u200c \u200cstrong\u200c \u200cmessage\u200c \u200cof\u200c\u200d \u200cunity\u200c \u200cand\u200c \u200ccooperation.\u200c \u200cIt\u200c \u200creflects\u200c \u200cthe\u200c \u200cshared\u200c \u200ccommitment\u200c \u200cof\u200c \u2062\u200clawmakers\u200c \u200cto\u200c \u200csupport\u200c \u200cfamilies\u200c \u200cand\u200c \u200cbusinesses\u200c \u200cin\u200c\u2062 \u200cthis\u200c \u200ctime\u200c \u200cof\u200c \u200cneed.\u200c \u200cThe\u200c \u2063\u200cChild\u200c\u2064 \u200cTax\u200c \u200cCredit\u200c \u200cexpansion\u200c \u200cwill\u200c \u200cprovide\u200c \u200csignificant\u200c \u200cfinancial\u200c \u200crelief\u200c \u200cto\u200c \u200cfamilies\u200c \u200cstruggling\u200c \u200cto\u200c \u2064\u200cmake\u200c \u200cends\u200c \u200cmeet,\u200c \u200cwhile\u200c \u200cthe\u200c \u200cbusiness\u200c \u200cinvestment\u200c \u200cdeductions\u200c \u200cwill\u200c \u200chelp\u200c \u200cstimulate\u200c \u2064\u200cthe\u200c \u200ceconomy\u200c \u200cand\u200c \u200cdrive\u200c \u200cjob\u200c \u200ccreation.<\/p>\n<p>Passing\u200c \u200cthis\u200c \u2064\u200cproposal\u200c \u200cin\u200c \u200ca\u200c \u200cbipartisan\u200c \u200cmanner\u200c \u200cdemonstrates\u200c \u200cthe\u200c \u200cvalue\u200c \u200cof\u200c \u200cworking\u200c \u200cacross\u200c \u200cparty\u200c \u200clines\u200c \u200cto\u200c \u200cfind\u200c \u200ccommon\u200c \u200cground\u200c \u200cand\u200c \u200cdeliver\u200c \u200csolutions\u200c \u200cthat\u200c \u200cbenefit\u200c \u200call\u200c \u200cAmericans.\u200c \u200cIt\u200c \u200cserves\u200c \u200cas\u200c \u200ca\u200c\u200b \u200creminder\u200c \u200cthat\u200c \u200cour\u200c \u200celected\u200c \u200cofficials\u200c \u200ccan\u200c \u200ccome\u200c \u200ctogether\u200c \u200cin\u200c\u2063 \u200ca\u200c \u200ctime\u200c \u200cof\u200c \u200ccrisis\u200c \u200cand\u200c \u200cput\u200c \u200caside\u200c \u200cpartisanship\u200c\u2062 \u200cin\u200c \u200cthe\u200c \u200cinterest\u200c \u200cof\u200c \u200cthe\u200c \u200cgreater\u200c \u200cgood.<\/p>\n<p>As\u200c \u200cthis\u200c \u200c\u200cproposal\u200c \u200cmoves\u200c \u200cforward,\u200c \u200cit\u200c \u200cis\u200c \u200cimportant\u200c \u200cfor\u200c \u200call\u200c \u200cparties\u200c \u200cinvolved\u200c \u200cto\u200c \u200ccontinue\u200c \u200cworking\u200c \u200ctogether\u200c \u200cto\u200c \u200caddress\u200c \u200cthe\u200c \u2062\u200cneeds\u200c \u200cof\u200c \u200cthe\u200c\u2064 \u200cAmerican\u200c \u200cpeople.\u200c\u200c \u200cThere\u200c \u2063\u200cmay\u200c \u200cbe\u200c \u200cchallenges\u200c \u200cand\u200c \u200cdifficult\u200c \u200cdecisions\u200c \u200cahead,\u200c \u200b\u200cbut\u200c \u200cby\u200c \u200cmaintaining\u200c \u200ca\u200c \u200cbipartisan\u200c \u200capproach\u200c \u200cand\u200c \u200cmaintaining\u200c \u200copen\u200c \u200ccommunication,\u200c \u200cwe\u200c \u200ccan\u200c \u200cwork\u200c \u200ctowards\u200c \u200ca\u200c \u200b\u200cbrighter\u200c \u200cfuture\u200c \u200cfor\u200c \u200call.\u200c \u200cThis\u200c \u200cproposal\u200c \u200cis\u200c \u200ca\u200c \u200cstep\u200c \u2062\u200cin\u200c \u200cthe\u200c \u200cright\u200c \u200cdirection,\u200c \u200cand\u200c \u200cwe\u200c \u200cmust\u200c \u200cbuild\u200c \u200cupon\u200c \u200cit\u200c \u200cto\u200c \u200censure\u200c \u200ca\u200c \u200cstronger\u200c \u200cand\u200c \u200cmore\u200c \u200cinclusive\u200c \u200csociety.\u200c \u200c<\/p>\n<\/blockquote>\n<p>The Ways and Means\u2062 Committee advanced the bipartisan proposal on Wednesday\u200c \u200cto\u200c \u200cexpand\u200c \u200cthe\u200c \u200cChild\u200c \u200cTax\u200c \u200cCredit\u200c \u200cand\u200c \u200crenew\u200c \u200cbusiness\u200c \u200cinvestment\u200c\u2062 \u200cdeductions.\u200c \u200cThis\u200c \u200cvote\u200c \u200cmarks\u200c \u200ca\u200c \u200cmajor\u200c \u200cmilestone\u200c \u200cin\u200c \u200cthe\u200c \u200cefforts\u200c \u200cto\u200c \u200cprovide\u200c\u200d \u200crelief\u200c \u200cto\u200c \u200cfamilies\u200c \u200cand\u200c \u200cstrengthen\u200c \u200cthe\u200c \u200ceconomy\u200c \u200cin\u200c \u200cthe\u200c \u200ccurrent\u200c \u200cchallenging\u200c \u200ctimes.<\/p>\n<p>The\u200c \u200cproposal,\u200c \u200cwhich\u200c \u200creceived\u200c \u200cbipartisan\u200c \u200csupport,\u200c \u200b\u200caims\u200c \u200cto\u200c \u200cincrease\u200c \u200cthe\u200c \u200cChild\u200c \u200cTax\u200c \u200cCredit\u200c \u200b\u200cto\u200c \u200c$3,000\u200c \u200cper\u200c \u200cchild,\u200c\u2064 \u200cwith\u200c \u200can\u200c \u200cadditional\u200c \u200c$600\u200c \u200cfor\u200c\u2062 \u200cchildren\u200c \u200cunder\u200c \u200cthe\u200c \u200cage\u200c \u200c\u200cof\u200c \u200csix.\u200c \u200cFurthermore,\u200c \u200cit\u200c \u200cmakes\u200c \u200cthe\u200c \u200ccredit\u200c\u2062 \u200cfully\u200c \u200crefundable,\u200c \u200callowing\u200c \u200cfamilies\u200c \u200cto\u200c \u200creceive\u200c \u200cthe\u200c \u200cfull\u200c \u200camount\u200c \u200ceven\u200c \u200cif\u200c \u200cthey\u200c \u200chave\u200c \u200cno\u200c \u200cfederal\u200c \u200cincome\u200c \u200ctax\u200c\u2064 \u200cliability.\u200c \u200cThis\u200c \u200cchange\u200c \u200cis\u200c \u200cexpected\u200c \u200cto\u200c\u200d \u200cassist\u200c\u200c \u200clow-income\u200c \u200cfamilies\u200c \u200csignificantly,\u200c \u200clifting\u200c \u200cthem\u200c \u200cout<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House tax panel approved a bipartisan plan to enhance the child tax credit and extend crucial business investment deductions. The Ways and Means Committee overwhelmingly voted 40-3 in favor of the proposal. The Tax Relief for American Families and Workers Act, negotiated by Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron, was advanced on Friday<\/p>\n","protected":false},"author":2683,"featured_media":2315279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2153839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2153839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2153839"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2153839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2153839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2153839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2153839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}