The U.S. House of Representatives passed an expansive bipartisan tax relief bill late last night.
The Tax Relief for American Families and Workers Act passed 357-70. The legislation increases the Child Tax Credit, expands R&D expensing and 100% bonus depreciation, cuts bureaucracy for communities hit by natural disasters, and ends the Employee Retention Tax Credit program.
16th District Darin LaHood spoke during debate urging the passage of the bill because it included two provisions of his own: “I particularly want to highlight the inclusion of two affordable housing provisions in the bill, provisions that stem from my bill, the Affordable Housing Credit Improvement Act, which has garnered the support of 212 co-sponsors in the House, equally divided between Republicans and Democrats. We are facing an affordable housing crisis in this country. LIHTC, strengthening the Low Income Housing Tax Credit established by Ronald Reagan is key in this, and would be very successful to bridge the gap to more affordable housing in this country. I urge a ‘yes’ vote on this very good tax bill.”
LaHood’s previous legislation, the Affordable Housing Credit Improvement Act was aiming at bolstering affordable and low income housing with increased state allocations and reducing the credit’s bond financing requirement.
13th District Congresswoman Nikki Budzinski also praised the bill’s passage saying the expanded Child Tax Credit provision will directly affect 44,000 children in her district.
The bill now heads to the Senate where it has received mutual, bipartisan support. The Senate has not scheduled a vote on the bill.