This week the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024, with a bipartisan vote of 357 to 70. The bill will now go through the vote of the Senate, with a short two-week window for discussion before the Senate’s February 12 recess. The Act encompasses tax provisions benefiting small and private businesses, notable changes to the Child Tax Credit, and an acceleration of the deadline for submitting employee retention credit claims, among other modifications. While Senator Ron Wyden urges swift Senate action, the timing and potential amendments remain uncertain. The White House has previously expressed support, and business owners are encouraged to advocate directly with Senators for the bill’s prompt passage, emphasizing its positive impact on U.S. businesses.
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