Senate to vote on bipartisan child tax credit and business break bill
By
Zachary Halaschak
July 29, 2024 5:47 pm
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The full Senate will move toward a vote on a long-stalled bipartisan plan to expand the child tax credit and renew key business investment deductions.
The vote, which comes after months of uncertainty about the proposal, is expected not to succeed, but it will put Republicans on the record on the matter. Some Republicans in the Senate have fought to bat the legislation down for various reasons despite it sailing through the House with strong bipartisan support.
Senate Majority Leader Chuck Schumer (D-NY) will file cloture on the legislation tonight, and the first procedural vote will occur later this week, according to a Schumer spokesman.
The proposal is the result of lengthy talks between Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR). It passed the House in a 357-70 vote, with members of both parties supporting the $78 billion legislation, H.R. 7024, the Tax Relief for American Families and Workers Act.
The main tax legislation notably expands the child tax credit by changing the calculation of the credit on a per-child basis to make it more generous. It would also increase the maximum refundable amount per child from $1,600 to $1,800 in tax year 2023, $1,900 in 2024, and $2,000 in 2025, a change that will benefit lower-income families.
It also indexes the child tax credit to inflation, a provision long sought by child tax credit advocates.
more
https://www.washingtonexaminer.com/news/senate/3103600/senate-vote-bipartisan-child-tax-credit-business-break-bill/
