Senate Slated to Vote on Broad Tax Bill

The U.S. Senate will vote on a $78 billion bipartisan tax bill that advanced out of the House earlier this year. However, a final summer recess will require swift movement in the Senate Chamber.

What is up for vote?

The Tax Relief for American Families and Workers Act (HR 7024) passed the House 357-70 in January and has been teed up for consideration in the Senate as early as August 1. Some of the key provisions include extending or expanding certain tax credits for individuals and businesses.

READ MORE: Tax Relief for Working Families and Workers Act of 2024

What is included in the bill?

The bill would expand the Child Tax Credit and Low-Income Housing tax credit. In addition, the bill would delay or modify a number of provisions in the Tax Cuts And Jobs Act until 2025, including the phase out of bonus depreciation, the requirement to capitalize Research and Development (R&D) expenditures, and the IRC 163(j) interest limitation.