Washington, D.C. – Congressman Darin LaHood (R-IL), a member of the House Ways and Means Committee, voted in support of the bipartisan Tax Relief for American Families and Workers Act during today's Ways and Means Committee markup. The legislation, which was reported successfully out of the committee by a vote of 40-3, will strengthen financial security for families, support small businesses, and increase U.S. competitiveness.
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 a reduced bond financing requirement. LaHood spoke in favor of the legislation during the committee markup. His remarks can be viewed here or below.
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"The Tax Relief for American Families and Workers Act will 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 applaud Chairman Jason Smith for negotiating a strong agreement and look forward to working with my colleagues to get this passed," LaHood concluded.
The Tax Relief for American Families and Workers Act of 2024 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.
Read the section-by-section details of the bill here and learn more about the legislation from the House Ways and Means Committee here.
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