(The Center Square) – An Illinois congressman says a tax relief package that recently passed the U.S. House of Representatives will help small businesses grow, boost American competitiveness and support working families.
The Tax Relief for American Families and Workers Act of 2024 includes various provisions, including a child tax credit, breaks for small businesses and affordable housing.
“The bill has many wins for working families and small businesses, and is in direct response to many of the concerns that I hear from my constituents back in Illinois,” said U.S. Rep. Darin LaHood, R-Peoria, who serves the 16th Congressional District in Illinois.
LaHood said the legislation restores a 12.5% allocation increase to the Low Income Housing Tax Credit that expired in 2021.
“If you think about the low income tax credit, it was established 40 years ago under Ronald Reagan, and has served as one of the nation’s most successful models for affordable housing production and the need to strengthen the credit is necessary now more than ever,” LaHood said.
LaHood noted that the measure will help finance over 200,000 rental units for low income households across the country.
Businesses would be able to immediately deduct the cost of their research and development investments, instead of spreading it out over several years. The bill also addresses how business interest expense is handled and 100% bonus depreciation. The package also would provide disaster tax relief for recent hurricanes, flooding and wildfires.
The package passed the U.S. House on a bipartisan vote and it now heads to the Senate for consideration.
