New Tax Bill Passes House; De La Cruz Calls It “An Important Update to America’s Tax Policy”
The House of Representatives passed H.R. 7024, the Tax Relief for American Families and Workers Act, with a large bipartisan vote on Tuesday, Jan. 31st.
The legislation is a win for working Texas families, and, as Congresswoman Monica De La Cruz (TX-15) mentioned on the House floor earlier this month, “these provisions are tools that empower small businesses to drive innovation, create jobs, and make El Sueño Americano — the American Dream — a reality for families across America.”
Importantly, H.R. 7024 supports hard-working, working-class families and brings needed certainty for American businesses, allowing them to continue to innovate and create good-paying jobs. The bipartisan legislation:
Increases access to housing with bipartisan provisions to increase state tax credit allocations and provides more flexibility on bond financing requirements.
Eliminates the penalty in the child tax credit for having more than one child, increases the refund amount, and indexes refund amounts to inflation beginning this year.
Protects 1 million jobs that would be lost if research and development expensing, interest deductibility, 100% expensing, and other pro-growth tax policies are not extended.
Provides disaster tax relief for communities affected by recent events, including hurricanes, wildfires, and the Ohio rail disaster.
Following the passage Tuesday, Rep. De La Cruz said, "What we passed in the House today is an important update to America’s tax policy, an update that helps families and those struggling to make ends meet. After years of rising inflation and bad economic policy under the current administration, this legislation will help Texas families get back on their feet.”