Washington, D.C. – Congressman Darin LaHood (IL-16), a member of the House Ways and Means Committee, applauded the passage of the Tax Relief for American Families and Workers Act. The bipartisan legislation, which will strengthen financial security for families, support small businesses, and increase U.S. competitiveness, passed the U.S. House of Representatives by a vote of 357-70.
The legislation also includes bipartisan provisions introduced by Rep. LaHood to enhance the Low-Income Housing Tax Credit. Specifically, the provisions from LaHood's Affordable Housing Credit Improvement Act would increase the supply of low-income housing by bolstering the Housing Credit with increased state allocations and reducing the credit’s bond financing requirement.
LaHood spoke in favor of the legislation during debate on the House Floor and his remarks can be viewed here or below.
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"The Tax Relief for American Families and Workers Act builds off the historic Tax Cuts and Jobs Act to bolster the financial security of Illinois families and small businesses at a time when they need it most. I am pleased that policies I've championed through our bipartisan Affordable Housing Credit Improvement Act were included in the package. These critical provisions will provide a much-needed boost in affordable housing supply and benefit seniors and working families," said LaHood.
"In totality, the Tax Relief for American Families and Workers Act meets the needs of the American people, creating jobs, generating growth, incentivizing research and development, boosting our competitiveness with China, and cutting red tape. I urge the Senate to pass this bill swiftly, so we can deliver much needed relief to workers, families, and small businesses in Illinois," LaHood concluded.
The Tax Relief for American Families and Workers Act includes numerous pro-growth and pro-family provisions, including:
- Supporting working families with a strengthened Child Tax Credit.
- Expanding innovation and competitiveness with pro-growth economic policies like R&D expensing and 100% bonus depreciation.
- Building up Main Street by cutting red tape and assisting communities struck by natural disasters with tax relief.
- Enhancing the Low-Income Housing Tax Credit.
- Eliminating fraud, waste, and abuse by ending the Employee Retention Tax Credit program.
The Tax Relief for American Families and Workers Act is supported widely by the small business community and among family organizations.
Read the section-by-section details of the bill here and learn more about the legislation from the House Ways and Means Committee here.###
