Reps. Chavez-DeRemer, Bentz vote for tax relief package, say it aids working families, boosts affordable housing

(Update: Adding Bentz vote, statement on bill)

WASHINGTON (KTVZ) – The U.S. House of Representatives on Wednesday passed H.R. 7024, the Tax Relief for American Families and Workers Act, with broad bipartisan support. Rep. Lori Chavez-DeRemer (OR-05) voted in favor of the package, which she said includes provisions to support working families, increase the supply of affordable housing, and provide relief for victims of natural disasters like wildfires.

“Oregonians sent me to D.C. to give their families relief from soaring prices and address the homelessness crisis. By enhancing the child tax credit and removing barriers to boost the construction of affordable homes, the Tax Relief for American Families Act accomplishes both of these goals. Strong bipartisan support for this bill once again proves that good policy is made when both sides come to the table and find common ground. It’s a pragmatic proposal that will spur long-term economic growth by empowering workers and their families,” Chavez-DeRemer said.

The Tax Relief for American Families and Workers Act:

Supports Working Families with an Enhanced Child Tax Credit

• Expands access to the child tax credit through a phased increase to the refundable portion for the years 2023, 2024, and 2025
• Provides relief from climbing prices by adjusting the child tax credit to inflation starting in 2024
• Eliminates the penalty for growing families to ensure the child tax credit phase-in applies fairly to households with more than one child

Increases the Supply of Affordable Housing

• Enhances the low-income housing tax credit allocated to states for calendar years 2023 through 2025
• Increases the number of affordable housing projects that can be carried out using private activity bonds
  • These two provisions are key components of the Affordable Housing Credit Improvement Act, which Chavez-DeRemer has cosponsored

Helps Families Rebuild from Natural Disasters and Boosts the Economy

• Provides tax relief to families recovering from wildfires and other natural disasters
• Provides $600 billion in tax relief according to the Joint Committee on Taxation, which will bolster economic growth and competitiveness

A section-by-section analysis of the proposal is available HERE.

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Bentz Votes for Pro-Growth, Pro-Family, Pro-Worker Tax Bill

For Immediate Release: February 2, 2024

WASHINGTON – Oregon Congressman Cliff Bentz joined 168 of his Republican colleagues in voting for the bipartisan Tax Relief for American Families and Workers Act (H.R. 7024), which received overwhelming support in the House of Representatives with a vote of 357-70. This policy, focused on fostering economic growth and supporting families, enhances the child tax credit, bolsters small businesses, and advances American competitiveness.

“This legislation helps our children and our economy,” Congressman Bentz stated. “It improves the Children’s Tax Credit, which amounts to 2000 dollars per year per qualifying child. A tax credit is a reduction in taxes, and the beneficiary must be working to receive the benefit. As the cost-of-living skyrockets, fewer families are having children, and this Child Tax Credit will help address this huge challenge.” 

Bentz continued, “The legislation also helps our economy by allowing immediate deduction of Research and Development expenses, increasing the business interest deduction, and continuing the 100% bonus depreciation for business property placed in service after December 31 of 2022. These tax reductions will drive economic growth up and unemployment down.” 

Important Provisions in The Tax Relief for American Families Act:

Boosts American business and manufacturing through tax cuts and incentives, including:

• Extending research & development (R&D) tax breaks to help companies invest and compete.
• Lowering borrowing costs for small businesses facing high interest rates.
• Full write-offs for equipment investments to keep jobs in America.
• Simplifying regulations and reporting requirements for small businesses.

Provides disaster relief by:

• Simplifying tax rules for casualty losses in natural disaster zones.
• Excluding certain disaster compensation from income taxes.
• Treating specific disaster payments as deductible.

Extends and improves the child tax credit (for 2025), making it:

• Available for all children in a family, regardless of size.
• Indexed to inflation to keep up with rising costs.

Groups Supporting:

• Students for Life Action
• Susan B. Anthony Pro-Life America
• Americans for Tax Reform
• Associated General Contractors of America
• FreedomWorks
• National Association of Home Builders
• National Taxpayers Union