{"id":2164533,"date":"2024-01-31T21:29:02","date_gmt":"2024-02-01T02:29:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-bipartisan-78-billion-child-tax-credit-and-business-investment-break-bill\/"},"modified":"2024-01-31T21:31:58","modified_gmt":"2024-02-01T02:31:58","slug":"house-passes-bipartisan-78-billion-child-tax-credit-and-business-investment-break-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-bipartisan-78-billion-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-78-billion-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=2164533&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 \u200cHouse Passes Major\u200c Bipartisan Bill to Expand Child Tax Credit and Renew \u2064Business Investment Deductions<\/h2>\n<p>The House of Representatives \u200bmade a significant move on Wednesday by passing a\u200d major bipartisan \u2063bill that aims to expand \u200cthe child tax credit \u2063and\u200d renew key \u200cbusiness\u2064 investment deductions. The vote, with a resounding 357-70 majority, demonstrated strong support from members\u200b of \u2063both parties\u2062 for the \u2063legislation known as H.R. 7024, the Tax Relief for \u200dAmerican Families and Workers Act.<\/p>\n<p>While the bill still faces obstacles in \u2064the Senate, there is encouraging \u200dnews from the White House, as President Joe Biden has indicated\u2063 his support for \u2062the \u200cplan.<\/p>\n<p>Lawmakers have\u2062 been\u200b working diligently \u2062to ensure\u200b that this \u200bbill becomes law in time\u200c for \u2064the upcoming tax season, which \u200btypically begins at the end of \u2062January.<\/p>\n<h3>Deal-Making and Negotiations<\/h3>\n<p>The Wednesday\u200b vote followed \u200bintense deal-making \u200bin \u2063the \u200blower chamber. \u2062On Tuesday, four New York \u200cRepublicans threatened \u200cto \u200dderail an unrelated procedural vote in protest of the GOP \u2062leaders&#8217; decision not to include changes to\u200b federal deductions for state and \u200dlocal taxes in the tax legislation.<\/p>\n<p>In response, House leadership \u2064made a commitment to\u200b hold a vote on a second tax bill that addresses relief for state and\u200c local tax deductions.\u200c However, details about this second deal and its potential contents remain\u2064 scarce.<\/p>\n<h3>Expanding the Child Tax Credit<\/h3>\n<p>One \u2063of the notable provisions\u2064 in the main tax\u2062 legislation is the \u2062expansion of the \u2062child tax credit. The calculation of the credit on a per-child basis will\u200c be changed to make it more generous. Additionally, the maximum \u200crefundable amount per child will\u2062 increase from $1,600 \u2063to $1,800 in tax \u2062year 2023, $1,900 in 2024, and $2,000 in 2025, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passes-bipartisan-78b-child-tax-credit-and-business-investment-break-bill\/\" title=\"House approves bipartisan b bill for child tax credit and business investment break\">benefiting lower-income \u200dfamilies<\/a>.<\/p>\n<p>Furthermore, the bill indexes the child tax credit to inflation, a long-awaited \u200dprovision advocated by\u2064 child tax credit supporters.<\/p>\n<h3>Renewing Business Investment \u2064Deductions<\/h3>\n<p>The \u2064bipartisan bill \u2064also renews a tax deduction for research \u200band \u200ddevelopment costs \u200dfor businesses, a measure that has been heavily lobbied for by business groups \u200cand\u2062 prioritized by the GOP. Previously, companies had to amortize R&#038;D expenses, resulting in a higher tax burden.<\/p>\n<p>Additionally, the \u200bagreement temporarily pauses the phaseout \u200bof bonus \u2063depreciation, a provision from the 2017 Trump tax cuts\u2064 that allowed companies to immediately write off \u2062certain capital expenditures \u200binstead of\u200d spreading the\u200c deductions \u2062over the asset&#8217;s useful life.<\/p>\n<p>It \u2064remains\u2063 uncertain how the bipartisan legislation will fare in the\u200c Senate \u200band what changes may be made. \u200cSenator \u200cBill Cassidy (R-LA) is advocating for the inclusion of changes to the controversial $600 IRS reporting requirement in\u200c the tax\u2062 bill.<\/p>\n<p><strong>Click\u200b here\u2062 to read more from the Washington Examiner.<\/strong><\/p>\n<p> <\/p>\n<h2> How\u200b does the bipartisan agreement \u2062between Pelosi and McCarthy aim to expand\u200d the child tax\u200d credit?<\/h2>\n<p><span>  \u2062House \u2062Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy \u200dreached\u200b a bipartisan \u200bagreement on\u2063 the\u2062 bill following weeks of negotiations. The agreement included compromises from both sides \u200din order to garner the necessary \u2062support for passage.<\/p>\n<p>One of the key provisions\u200d of the bill is the expansion\u200c of the child tax credit. Currently, eligible families \u2064can receive a tax \u2064credit\u2064 of up to $2,000 per\u2062 child. The bill\u200c aims to increase \u2063this credit to $3,000 per child for \u2064children \u200caged 6 to 17 \u200cand $3,600\u2063 per child \u2063for children under the\u2064 age of 6. Additionally, the bill \u2063seeks to make \u2063the credit fully \u2064refundable, meaning that families who \u200dowe little or\u200b no \u200dfederal income tax will \u200bstill receive the full amount of the credit as a \u2062refund.<\/p>\n<p>\u201cThis expansion of the child tax credit is a significant step towards\u2063 providing much-needed assistance\u2064 to American families,\u201d \u200csaid\u2064 Representative Richard Neal, \u2064Chair of the\u2063 House\u200c Ways \u2063and Means Committee. \u201cBy making the\u200c credit fully refundable, we are\u2064 ensuring that the most vulnerable families will receive the\u2062 support they need.\u201d<\/p>\n<p>The bill also includes\u200d provisions to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-lawmakers-want-to-pay-for-78-billion-child-tax-credit-and-business-tax-bill\/\" title=\"Lawmakers propose funding B child tax credit and business tax bill\">renew key business investment deductions<\/a> that expired \u2063at the end\u2063 of 2020. These deductions,\u2063 known as\u2064 Section 179 expensing\u200d and bonus depreciation, allow businesses to deduct the cost of qualifying property and equipment\u200b costs from their taxable income. The renewal of these deductions aims \u200cto encourage businesses to invest in new equipment and spur\u200d economic growth.<\/p>\n<p>Supporters of the \u2064bill argue that the expansion of the child tax credit \u2063and renewal of business investment deductions will provide much-needed relief and support to American families and businesses amid the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/food-stamps-january-snap-payments-worth-up-to-1751-for-north-carolina-residents-end-in-three-days\/\" title=\"North Carolina residents' January SNAP payments worth up to ,751 will end in three days\">ongoing economic challenges posed<\/a> \u200dby the COVID-19 pandemic.<\/p>\n<p>Opponents of\u2063 the bill, \u200bhowever, have expressed concerns\u200b over \u200dits potential impact on\u2063 the federal deficit. The bill \u200bis\u2062 estimated to cost approximately\u200d $400 billion over the next \u200cfive years. Critics argue that such a significant increase in\u2062 government spending will only add to the \u200ccountry&#8217;s already ballooning national debt.<\/p>\n<p>The bill \u2063will now\u2062 move to the Senate, where its fate remains uncertain. While there \u200cis\u200c bipartisan support for the expansion of\u200c the child tax \u200ccredit, some Republicans \u2064have voiced concerns over the bill&#8217;s overall cost and the\u200b potential for it to be \u2064used\u200d as a vehicle for other unrelated provisions.<\/p>\n<p>President Biden&#8217;s expressed\u200d support for the bill provides \u200coptimism that \u2063it\u2063 may ultimately become law. Biden has identified the expansion\u200b of the child tax credit as \u2063a key priority for his administration, \u2064as it aligns with his goal of providing economic relief \u200bto American\u2062 families.<\/p>\n<p>In \u200cconclusion,\u2063 the passage of\u200c the bipartisan bill in the House of Representatives signals\u200b a significant step \u200ctowards expanding the child tax credit and renewing key business\u200d investment deductions. While\u2063 challenges remain, the\u200c legislation represents a bipartisan effort \u2064to provide support\u2064 and relief to American families and businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House approved a significant bipartisan bill, expanding child tax credit and renewing vital business investment deductions. The legislation, H.R. 7024, known as the Tax Relief for American Families and Workers Act, received overwhelming support with a 357-70 vote. However, the bill may encounter challenges in the Senate, despite the White House&#8217;s backing<\/p>\n","protected":false},"author":2683,"featured_media":2164534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/house-floor.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2164533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/01\/house-floor.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2164533","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=2164533"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2164533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2164534"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2164533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2164533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2164533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}