House of Representatives Approves Tax Relief for American Families and Workers Act

The House, 得到了两党的广泛支持, overwhelmingly passed proposed legislation late Wednesday geared towards reviving expired business tax breaks coupled with a proposal to boost the child tax credit. 

The bill, 该法案于1月17日在众议院提出, 2024, and passing two weeks later, now moves to the Senate, 它在哪些方面面临额外障碍. The Wall Street Journal observed that passage in the Senate will take 60 votes. Timing of Senate action is also uncertain; for example, current priorities also include immigration and spending issues. 国会将于2024年2月12日开始休会两周. Options to passage exist – but it’s unclear at this time which, when, 以及如何行使选择权. 

The Act does not include a provision to expand the state and local income tax deduction. To obtain support and address the concerns of certain lawmakers, House leadership committed to working on a separate bill proposed to double the cap on the SALT deduction for married couples filing a joint return, raising the limit to $20,000 from $10,000 (废除婚姻惩罚法案). 这项法案面临着不确定的未来. 

Further delay, either in passing the Act in the Senate or being signed into law by President Biden, potentially risks implementation of the Act’s provisions for 2023. IRS computer software and forms likely will need to be updated; additionally, tax return preparation software used by accountants and taxpayers (particularly for the child tax credit portions of the bill) likely also needs to be updated. 由于持续的不确定性, it could make sense to proceed with compliance as the tax law exists today—while staying aware of the bill’s legislative status and any compliance impacts arising from actual passage of the bill.

当前提案的另一个重要方面, not considered by our federal government leaders and representatives, is the uncertainty this act has on state taxable income calculations. Not all states update their tax laws using the same effective dates used in the federal legislation, 增加了州税务合规的复杂性. This is an area that also warrants continued monitoring and consideration. 

We understand the uncertainty arising from this late legislative action. 我们的目标是让您随时了解该法案的进展情况, of the federal and state uncertainties created by the proposed legislation, 并与你密切合作，解决任何出现的问题. If you have current questions, please do not hesitate to reach out to your Schneider Downs tax team. 

NOTE: 的执行摘要 《2024年美国家庭和工人减税法案 (the Act). 

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Schneider Downs’ tax advisors have experience and expertise in a wide range of industries, including Automotive, Construction, Real Estate, Manufacturing, Energy & Resources, Higher Education, Not-for-profits, Transportation and others. Our industry knowledge and focus ensure the delivery of technical tax strategies that can be implemented as practical business initiatives.  

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