U.S. Reps. Mike Kelly (R-PA) and Mike Carey (R-OH), who serve on the U.S. House Ways and Means Committee, on Tuesday applauded the introduction of legislation to expand the Low-Income Housing Tax Credit and incentivize American manufacturing.
“I’m proud to have fought for a bipartisan tax package that lifts up equally middle- and working-class families and American manufacturing,” said Rep. Carey.
Following bipartisan tax negotiations between the House Ways and Means Committee and the U.S. Senate Finance Committee, members devised a package that is now known as the Tax Relief for American Families and Workers Act of 2024, H.R. 7024.
“I’m particularly proud of our push to expand affordable housing,” Rep. Carey said. “The population of the Columbus metro region has exploded in recent years, but unfortunately home building has not grown at the same pace. Today, nearly 400,000 hard-working Ohioans are forced to spend more than half of their monthly income on housing.”
Sponsored on Jan. 17 by U.S. Rep. Jason Smith (R-MO), the bill also includes an enhanced Child Tax Credit and pro-growth economic policies like R&D expensing, according to a bill summary provided by lawmakers.
“The Tax Relief for American Families and Workers Act builds upon the success of the 2017 tax reform law that spurred the greatest economy in a half-century,” said Rep. Kelly, chairman of the House Ways and Means Subcommittee on Tax. “This package includes pro-growth tax policies, including the critical research & development expensing provision so American companies can invest and grow here at home.”
Additionally, H.R. 7024 would cut red tape and provide tax relief to help rebuild communities struck by disasters, and eliminate fraud and waste by ending the Employee Retention Tax Credit program, the summary says.
“It allows American companies and workers to be more competitive with China,” added Rep. Kelly, “and, it boosts the Republican-created Child Tax Credit, which strengthens and supports families. This deal locks in $600 billion in proven pro-growth, pro-American policies that will give American companies a major boost in the years to come.”