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What’s happening: The House Ways and Means Committee voted 40-3 last week to advance the Tax Relief for American Families and Workers Act (TRAFWA) of 2024, which includes provisions that have bipartisan support.
What else to know: To pay for the package cost, the legislation accelerates the employee retention credit (ERC) claims submission deadline to Jan. 31. The ERC is a refundable tax credit for employers, including hospitals, who kept workers on their payrolls during the COVID-19 pandemic.
The TRAFWA also includes provisions that:
- Enhance child tax credits.
- Allow businesses to immediately deduct the cost of U.S.-based research and development expenses.
- Enhance low-income housing tax credits.
- Increase disaster relief.
