{"id":2164506,"date":"2024-01-31T20:59:02","date_gmt":"2024-02-01T01:59:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-bipartisan-78b-child-tax-credit-and-business-investment-break-bill\/"},"modified":"2024-01-31T21:02:49","modified_gmt":"2024-02-01T02:02:49","slug":"house-passes-bipartisan-78b-child-tax-credit-and-business-investment-break-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-bipartisan-78b-child-tax-credit-and-business-investment-break-bill\/","title":{"rendered":"House approves bipartisan $78b bill for child tax credit and business investment break"},"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\">26<\/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-passes-bipartisan-78b-child-tax-credit-and-business-investment-break-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=2164506&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 Passes Major Bipartisan Bill to Expand Child Tax Credit \u2063and Renew Business Investment Deductions<\/h2>\n<p>The House of Representatives made a \u2062significant move on Wednesday by passing a major bipartisan bill that aims to\u2064 expand the child tax \u2063credit and renew\u2063 crucial\u2064 business investment deductions. The \u2063legislation, known as H.R. 7024 \u2064or the Tax Relief for American Families and Workers\u2062 Act, received \u2062overwhelming support with \u200da\u2062 vote of 357-70 from members\u200b of \u200bboth parties.<\/p>\n<p>While the bill still faces obstacles in the Senate,\u2062 there\u200c is optimism as the White House has indicated President Joe Biden&#8217;s support\u2064 for the plan. Lawmakers are \u2062working diligently to have\u200d the bill signed into law in time \u200bfor tax season, which begins at the end of January.<\/p>\n<p>The Wednesday vote followed intense negotiations in\u200b the lower chamber. On Tuesday, four New York \u2063Republicans threatened to derail an unrelated procedural vote\u200d in protest of the GOP leaders&#8217; decision not to include changes\u2064 to federal deductions for\u2062 state\u2064 and local\u200c taxes in the tax legislation. In response, House leadership made a\u200c commitment to hold a vote on a second tax bill that addresses\u200d relief for these deductions.<\/p>\n<p>The \u200dmain tax package included in\u200b the bill has some notable provisions. It expands the child tax credit by making the calculation more generous on a per-child basis. Additionally, it increases \u200dthe maximum refundable amount per \u200cchild\u200b from $1,600 to $1,800 in tax year\u200b 2023, $1,900 in\u200b 2024, and $2,000 in 2025, benefiting lower-income \u200bfamilies. The bill also \u2062indexes the child tax credit to inflation, a long-awaited provision for child tax\u200c credit \u200cadvocates.<\/p>\n<p>Furthermore, the bipartisan bill renews a tax deduction for research and development costs for businesses, a measure \u200cthat\u200c has been heavily advocated for by business groups and prioritized by the GOP. The bill \u200balso temporarily pauses the phaseout of bonus depreciation, a provision from the 2017 Trump \u2064tax cuts that allowed companies to immediately write off \u200bcertain\u2062 capital\u2064 expenditures.<\/p>\n<p>It remains uncertain how the bipartisan legislation will fare in the Senate and what changes may be made. Senator Bill Cassidy (R-LA) is pushing for the inclusion\u200b of changes to a controversial $600 IRS \u200breporting requirement in the tax package.<\/p>\n<p> <\/p>\n<h2> How does the expansion of the Child Tax Credit contribute to the reduction of child poverty \u2062and\u2062 financial assistance for struggling families?<\/h2>\n<p><span>  \u200c Child Tax Credit and Business Investment Deductions \u200cAct,&#8221; received overwhelming support from both\u2062 Democrats and Republicans, highlighting a rare instance of bipartisan cooperation in Congress.<\/p>\n<p>The primary focus of the\u200c bill is \u2064to improve and broaden the Child Tax Credit (CTC) to provide \u2064additional support to families across the country. The\u2064 CTC is\u200c a tax benefit that allows eligible parents to receive a credit\u2064 for each qualifying child in their household. The bill proposed increasing the credit amount from $2,000 to $3,000 for each child aged 6 to 17, and\u200c $3,600 \u200cfor children under 6. Additionally, it sought to\u200d make the credit fully\u200b refundable, ensuring \u200bthat\u200d low-income families receive the full benefit\u2062 even if\u2064 they owe no federal \u2062income taxes.<\/p>\n<p>The expansion of the CTC is \u200ba crucial step towards reducing child poverty and providing financial assistance to struggling\u2062 families. By increasing the credit amount and\u200b making it fully refundable,\u200c more families will have access to\u2064 the support they need to provide for their children&#8217;s\u200b basic necessities, such as food, \u200dhealthcare, and education.<\/p>\n<p>Furthermore, the\u2064 bill also aims to renew important business investment deductions to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-multi-trillion-dollar-spending-bills-will-reduce-inflation\/\" title=\"Biden: Multi-Trillion Dollar Spending Bills \u2018Will Reduce Inflation\u2019\">promote economic growth<\/a> and incentivize job creation. These deductions provide tax relief to businesses that invest in equipment, machinery, and other capital assets. By renewing these deductions, the bill \u200dseeks \u200dto encourage businesses to continue investing and\u2064 expanding their operations, thereby <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/after-ethics-review-fed-bars-top-officials-from-trading-individual-stocks\/\" title=\"After Ethics Review, Fed Bars Top Officials From Trading Individual Stocks\">stimulating economic activity<\/a>\u2064 and creating new job opportunities.<\/p>\n<p>The bipartisan support for this \u200dbill is \u2063a welcomed development in today&#8217;s highly\u2064 polarized political climate. It demonstrates a recognition \u200camong lawmakers of the urgent need\u2063 to prioritize the well-being of families and the\u2064 economy. While there may\u200d be\u200c disagreements on other\u200c policy issues, this bill serves as a testament to\u2064 the shared commitment to supporting families\u2064 and\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/onshoring-semiconductor-capacity-is-crucial-to-national-security\/\" title=\"Onshoring Semiconductor Capacity Is Crucial To National Security\">promoting economic prosperity<\/a>.<\/p>\n<p>The passage of H.R. 7024 in the House of\u2063 Representatives\u200c is \u200cjust the first step towards enacting this important legislation. The bill will now move to the\u2063 Senate, where it will undergo further scrutiny and potential amendments. However, given the significant support it received in the House, there is \u2062an optimistic \u200boutlook for its successful\u2062 passage\u200d through\u200b the Senate \u200cand eventual signing by the President.<\/p>\n<p>If signed into\u200b law, the Child Tax Credit and Business Investment Deductions Act has \u2063the potential to\u200b make a positive and lasting impact on\u200b millions of American families. \u200dIt \u200cwill provide the \u2062financial relief needed to alleviate the burden of child-rearing expenses\u200c and\u200d bolster \u2063the\u2063 economy by encouraging\u200b business investment and job creation.<\/p>\n<p>In conclusion, the\u200b House of Representatives&#8217; passage of the Child Tax Credit and\u2064 Business Investment Deductions Act is a momentous achievement in bridging the partisan divide and prioritizing\u200c the welfare of families and \u2064businesses. This bill&#8217;s success would support struggling families, reduce child\u200b poverty,\u2063 and stimulate economic growth, becoming a significant milestone in shaping a more \u200bequitable and prosperous\u2063 society.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House passed a bipartisan bill, expanding child tax credit and renewing business investment deductions. The vote was 357-70, with both parties supporting the $78 billion legislation, H.R. 7024. However, the bill may face challenges in the Senate. The White House, on the other hand, has shown support for it<\/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-2164506","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\/2164506","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=2164506"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2164506\/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=2164506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2164506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2164506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}