{"id":2315657,"date":"2024-07-29T18:21:01","date_gmt":"2024-07-29T22:21:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-to-vote-on-bipartisan-child-tax-credit-and-business-break-bill-washington-examiner\/"},"modified":"2024-07-29T18:24:41","modified_gmt":"2024-07-29T22:24:41","slug":"senate-to-vote-on-bipartisan-child-tax-credit-and-business-break-bill-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-to-vote-on-bipartisan-child-tax-credit-and-business-break-bill-washington-examiner\/","title":{"rendered":"Senate to vote on bipartisan child tax credit and business break bill &#8211; Washington Examiner"},"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\">30<\/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%2Fsenate-to-vote-on-bipartisan-child-tax-credit-and-business-break-bill-washington-examiner%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=2315657&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--><p>The U.S. Senate\u2062 is\u2063 preparing for a vote on a bipartisan proposal aimed \u200dat\u2063 expanding the\u2063 child tax credit and renewing critical business investment deductions. This legislation, which has seen months \u200bof uncertainty, is not expected\u2063 to pass, yet it will force Republicans to take\u2064 a public stance on \u2064the \u200bissue. The proposal,\u2064 which had strong support in\u200b the\u200d House\u2014passing with \u200da vote of \u2064357 to 70\u2014was formed \u2062through extensive negotiations between \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/if-gop-wins-house-this-is-who-will-lead-investigations-against-the-biden-administration\/\" title=\"If GOP Wins House, This is Who Will Lead Investigations Against the Biden Administration\">key committee leaders<\/a>. <\/p>\n<p>The main features of the \u2062bill include increasing the child tax credit from $1,600 to $1,800\u2063 in tax year 2023, with further increases planned \u2064for the following years, while also indexing the credit to inflation. Additionally, it aims \u200dto \u200brenew a tax deduction for research \u200dand development expenses, a priority \u2064for business groups. Senate Majority Leader Chuck Schumer is\u200c initially filing\u2064 for cloture, leading\u2062 to the first procedural \u200cvote later \u200dthis week.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Senate to vote on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-bipartisan-child-tax-credit-plan-what-it-means-for-families\/\" title=\"Significant bipartisan child tax credit plan: impact on families\">bipartisan child tax credit<\/a> and business break bill<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1714762\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The full Senate will move toward a vote on a long-stalled <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bipartisanship\/\" target=\"_blank\" rel=\"noopener\" title>bipartisan<\/a> plan to expand the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/child-tax-credit\/\" target=\"_blank\" rel=\"noopener\" title>child tax credit<\/a> and <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>.<\/p>\n<p>The vote, which comes after months of uncertainty about the proposal, is expected not to succeed, but it will put Republicans on the record on the matter. Some Republicans in the Senate <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2848704\/key-gop-senator-finance-committee-trashes-bipartisan-tax-deal\/\" target=\"_blank\" rel=\"noopener\" title>have fought<\/a> to bat the legislation down for <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2834956\/bipartisan-child-tax-credit-business-bill-obstacles-senate\/\" target=\"_blank\" rel=\"noopener\" title>various reasons<\/a> despite it sailing through the House with strong bipartisan support.<\/p>\n<p>Senate Majority Leader Chuck Schumer (D-NY) will file cloture on the legislation tonight, and the first procedural vote will occur later this week, according to a Schumer spokesman.<\/p>\n<p>The proposal is the result of lengthy talks between Ways and Means Chairman&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/jason-smith\/\" target=\"_blank\" rel=\"noreferrer noopener\">Jason Smith<\/a>&nbsp;(R-MO) and Senate Finance Committee Chairman&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/ron-wyden\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ron Wyden<\/a>&nbsp;(D-OR). It passed the House in a 357-70 vote, with members of both parties supporting the $78 billion legislation,&nbsp;<a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/7024\" target=\"_blank\" rel=\"noreferrer noopener\">H.R. 7024<\/a>, the Tax Relief for American Families and Workers Act.<\/p>\n<p>The main tax legislation notably expands the child tax credit by changing the calculation of the credit on a per-child basis to make it more generous. It would also increase the maximum refundable amount per child from $1,600 to $1,800 in tax year 2023, $1,900 in 2024, and $2,000 in 2025, a change that will <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-panel-votes-overwhelmingly-to-advance-child-tax-credit-and-business-tax-bill\/\" title=\"House panel approves child tax credit and business tax bill\">benefit lower-income families<\/a>.<\/p>\n<p>It also indexes the child tax credit to inflation, a provision long sought by child tax credit advocates.<\/p>\n<p>The bipartisan bill renews a tax deduction for research and development costs for businesses, a measure that business groups have been lobbying for and the GOP has prioritized. Since the break expired, companies have had to amortize R&amp;D expenses, meaning they faced a higher tax burden.<\/p>\n<p>The agreement also temporarily pauses the phaseout of bonus depreciation. That was a provision in the 2017 Trump tax cuts that allowed companies to write off certain capital expenditures immediately instead of having those deductions written off over the &ldquo;useful life&rdquo; of the asset.<\/p>\n<p>After easily passing through the Senate, the bill faced major roadblocks in the House. Wyden&rsquo;s counterpart on the Finance Committee, Sen. Mike Crapo (R-ID), has pushed back on the legislation.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Some GOP senators have objected to a provision in the legislation that would allow parents to rely on the prior year&rsquo;s income to calculate the child tax credit for this year and next. Outside conservative groups have argued that the provision would lead some parents to quit the workforce in some years.<\/p>\n<p>After it passed the House, Sen. Thom Tillis (R-NC), an influential member of the Finance Committee, told the <em>Washington Examiner<\/em> that in its current iteration, he was &ldquo;going to fight to make sure every single Republican member is opposed to it.&rdquo;<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1714762\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1714762\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate is preparing to vote on a bipartisan proposal aimed at expanding the child tax credit and reinstating important business investment deductions. Although the vote follows months of uncertainty and is anticipated to fail, it will officially record Republican positions on the issue. Some Senate Republicans have opposed the legislation for various reasons, despite its strong bipartisan support in the House, where it passed with a 357-70 vote. Senate Majority Leader Chuck Schumer (D-NY) plans to file for cloture on this legislation tonight, with an initial procedural vote scheduled for later this week.<\/p>\n<p>This proposal emerged from extensive discussions between Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR). The $78 billion bill, known as H.R. 7024 or the Tax Relief for American Families and Workers Act, notably enhances the child tax credit by adjusting its calculation per child to make it more favorable. It would raise the maximum refundable amount per child from $1,600 in 2023 to $1,800 in 2024 and $2,000 in 2025\u2014benefiting lower-income families\u2014and index it to inflation.<\/p>\n<p>Additionally, this bipartisan bill aims to renew a tax deduction for research and development expenses that businesses have been advocating for since its expiration forced companies to amortize these costs\u2014resulting in higher taxes. The agreement also temporarily halts the phaseout of bonus depreciation established under Trump\u2019s 2017 tax cuts that allowed immediate write-offs of certain capital expenditures.<\/p>\n<p>While initially passing through the Senate smoothly, significant obstacles arose in the House due to opposition from some GOP senators like Mike Crapo (R-ID), who has expressed concerns about allowing parents to use prior year income when calculating their current year\u2019s child tax credit\u2014a provision critics argue could discourage workforce participation among some parents. After its passage through the House, influential Finance Committee member Sen. Thom Tillis (R-NC) stated he would work against it unless changes were made<\/p>\n","protected":false},"author":2683,"featured_media":2315658,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/senate-child-tax-credit.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[3667,36575,36574,3740,4474],"class_list":["post-2315657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bipartisan","tag-business-break","tag-child-tax-credit","tag-senate","tag-vote"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/senate-child-tax-credit.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2315657","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=2315657"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2315657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315658"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2315657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2315657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2315657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}