Bill > HR7024

This bill, the Tax Relief for American Families and Workers Act of 2024, makes several changes to the tax code: It increases the refundable portion of the child tax credit over the next few years, indexes the credit amount for inflation, and provides a special rule for determining earned income for the credit. It delays the requirement to amortize domestic research and experimental expenditures and reinstates expensing for those expenditures through 2025. It extends the allowance for depreciation, amortization, or depletion in determining the limitation on business interest, extends 100% bonus depreciation, and increases limitations on expensing of depreciable business assets. The bill also creates special rules for the taxation of certain residents of Taiwan with income from U.S. sources and authorizes the negotiation and implementation of a tax agreement between the U.S. and Taiwan. Additionally, it provides tax relief for disaster-impacted communities, increases the state housing credit ceiling for the low-income housing tax credit, and includes provisions to address fraud related to COVID-19 employee retention tax credits.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/7024/all-info