the staff of the Ridgewood blog
Washington DC, on January 16, 2024, the websites of the United States Senate Committee on Finance and the United States House Committee on Ways and Means, Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) jointly announced “a commonsense, bipartisan, bicameral tax framework that promotes the financial security of working families, boosts growth and American competitiveness, and strengthens communities and Main Street businesses.”
The plan, introduced as The Tax Relief for American Families and Workers Act of 2024 (the Act), generally proposes to revive expired breaks for businesses and increase the child tax credit for low-income families (but also includes disaster relief provisions and other tax relief measures). Congress hopes to push the roughly $80 billion in tax breaks through Congress in the next few weeks (before the January 29, 2024 start of tax season) with parts of the bill being retroactive. The agreed-to framework proposes to pay for the tax breaks by cutting off new claims for the COVID-19 era employee retention credit program filed after January 31, 2024.
THE ACT HIGHLIGHTS:
- Supports Working Families with an Enhanced Child Tax Credit
- Expands Innovation and Competitiveness with Pro-Growth Economic Policies
- Increases Global Competitiveness
- Provides Disaster Relief
- Targets Affordable Housing
- Ends the Employee Retention Tax Credit Program
One important measure left out of the proposal advocated by some politicians is an increase to the State and Local tax deduction limitation. The deduction is currently limited to $10,000.
Finally, there is no guarantee that the proposed legislation embodied by the framework in its current form will make it past both the House and Senate, let alone be signed by the President.
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