Bill Will Help Families, Boost Affordable Housing, Spur Innovation and Improve Global Economic Competitiveness
WASHINGTON, D.C.—Tonight Rep. Greg Stanton voted to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. The bipartisan tax legislation includes several of his key priorities, including extending and expanding the Child Tax Credit and the Low-Income Housing Tax Credit, incentivizing research and development to promote innovation and boost our economy, and strengthening our trade relationship with Taiwan.
“This bipartisan bill is a good deal for Arizonans, and goes to show the progress we can make when we reach across the aisle to find common ground,” Stantonsaid. “Once signed into law, it’ll put money back in the pockets of working families, build more affordable housing, and help Arizona small businesses come out on top.”
Stanton has repeatedly pressed to expand the Child Tax Credit, and more than 424,000 children in Arizona will benefit from the expanded Credit in the first year according to estimates from the Joint Economic Committee. H.R 7024 would allow the amount of the credit which “phases-in” at lower income levels to be based on the number of children a family has, not just family income, and would expand the refundable portion of the credit.
The legislation increases the supply of low-income housing by enhancing the Low-Income Housing Tax Credit, a public-private partnership with a proven track record. Fixes mirror the Stanton-backed Affordable Housing Credit Improvement Act, including increased state allocations and a reduced tax-exempt bond financing requirement.
H.R. 7024 authorizes the Biden administration to negotiate and enter into a tax agreement with Taiwan, a provision based on the Stanton-backed Taiwan Tax Agreement Act. This potential agreement between the United States and Taiwan would facilitate increased investment, protect against tax evasion, and allow businesses in both the US and Taiwan to avoid double taxation.
The bill also incentivizes research & development for businesses of all sizes—encouraging American innovation—and makes common-sense adjustments to help small businesses.
A one page summary of the bill is available HERE. A section-by-section is available HERE.