The Chairs of the Senate Finance Committee and the House Ways and Means Committee jointly released a bipartisan framework for proposed tax legislation, introducing various changes to the tax code. The new proposal, named “The Tax Relief for American Families and Workers Act of 2024”, mainly aims to restore bonus depreciation, terminate the Employee Retention Credit (ERC) earlier, and enhance the Child Tax Credit (CTC), among other proposed changes. The legislators aim for swift action on the proposal to benefit taxpayers filing returns in the current year, with a potential opening of the tax filing season on Jan. 29, 2024, though challenges and ongoing discussions may impact the timeline and details of the legislation.

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