U.S. Rep. Darin LaHood (R-IL) on Jan. 19 voted with the majority of his colleagues on the U.S. House Ways and Means Committee to approve a tax package that aims to improve financial security for families, increase U.S. competitiveness, and support small businesses.
Committee members voted 40-3 to pass the Tax Relief for American Families and Workers Act of 2024, H.R. 7024, which U.S. Rep. Jason Smith (R-MO) sponsored on Jan. 17.
“The Tax Relief for American Families and Workers Act will bolster the financial security of Illinois families and small businesses at a time when they need it most,” said Rep. LaHood about H.R. 7024, which includes provisions from the bipartisan, bicameral Affordable Housing Credit Improvement Act of 2023, H.R. 3238/S. 1557.
Rep. LaHood on May 11, 2023, sponsored H.R. 3238 in the U.S. House of Representatives alongside 65 original cosponsors, including lead cosponsor U.S. Rep. Suzan DelBene (D-WA). Provisions from the bill that are included in the larger H.R. 7024 would support the Housing Credit with increased state allocations and a reduced bond financing requirement to increase the supply of low-income housing, according to a bill summary provided by the congressman’s staff.
“I am pleased that policies I’ve championed through our bipartisan Affordable Housing Credit Improvement Act were included in the package,” said Rep. LaHood. “These critical provisions will provide a much-needed boost in affordable housing supply and benefit seniors and working families.”
If enacted, H.R. 7024 also would make improvements to the Child Tax Credit, provide tax incentives to promote economic growth, provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, and provide tax relief for certain federal disasters.
While the House Ways and Means Committee has approved H.R. 7024, the bill remains under consideration in the U.S. House Committee on Rules.
“In totality, the Tax Relief for American Families and Workers Act meets the needs of the American people, creating jobs, generating growth, incentivizing research and development, boosting our competitiveness with China, and cutting red tape,” Rep. LaHood said. “I applaud Chairman Jason Smith for negotiating a strong agreement and look forward to working with my colleagues to get this passed.”