Ways and Means Committee advances tax deal 

Jan 19, 2024 - 02:33 PM
capitol hill 900x400

The House Ways and Means Committee Jan. 19 voted 40-3 to advance the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). The bill includes an enhanced child tax credit; provisions on research and development expensing so businesses of all sizes can immediately deduct the cost of their U.S.-based research and development investments instead of over five years; an enhanced low-income housing tax credit; and increased disaster relief. To offset the cost of the legislation, the bill also would move forward the Employee Retention Credit claim submissions deadline to Jan. 31, 2024. The ERC is a refundable tax credit originally enacted to mitigate the effects of the COVID-19 pandemic for employers who kept their employees on their payroll, and it was part of the 2020 Coronavirus Aid, Relief, and Economic Security Act. The new deadline applies to all ERC claim submissions.  

Related News Articles

Headline
Shutdown continues with no significant progress toward funding deal
The government shutdown is expected to continue into next week as the Senate is expected to adjourn Oct. 23 with no plans to vote this weekend. The chamber Oct…
Headline
Government funding bill fails 10th time in Senate as chamber adjourns until next week
The Senate Oct. 16 failed for a 10th time to advance the continuing resolution to extend government funding and end the ongoing shutdown. The chamber adjourned…
Chairperson's File
Chair File: Leadership Dialogue — Legislative Outlook and Health Care Advocacy with AHA Executive Vice President Stacey Hughes
Public
There is a saying that is very timely for our field: A smooth sea never made a skilled sailor. As we head into the final months of 2025, hospitals and health…
Headline
Shutdown expected to continue next week as Senate adjourns
The federal government shutdown is expected to continue into next week as the Senate adjourned Oct. 9 after failing to pass spending legislation; senators plan…
Headline
AHA calls for Senate committee to strengthen supply chain for pharmaceuticals, medical devices
The AHA provided a statement of record to the Senate Special Committee on Aging for a hearing Oct. 8 on the pharmaceutical and medical device supply chains.…
Headline
Senate again fails to pass CR, government shutdown continues
The federal government shutdown will continue as the Senate Oct. 3 failed to adopt a government funding deal. The latest attempt to pass the House-passed…