In this podcast, we discuss a new piece of legislation, the Tax Relief for American Families and Workers Act of 2024. Since its passage by the House of Representatives on January 31st, the popular press has written much about this bipartisan bill, H .R. 7024. It provides the business tax breaks that Republicans can support, and the expanded child tax credit required by Democrats. Several senators, though, have expressed concerns over the bill and expect to offer amendments such as an unlimited deduction for state and local taxes.
If the Senate passes anything that is not identical to the current version, the bill will need to be taken up again in the House. And with the elections coming up in November, this bill may just run out of time. We do not know what will be in the final bill or if we will even have one. But what is in the bill that has many excited? Charles Dean Smith, Jr., CPA, one of our tax experts and member of the firm’s Emerging Tax Issues Group, explains.
