HR 7024 - Tax Relief for American Families and Workers Act of 2024 - National Key Vote

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Title: Tax Relief for American Families and Workers Act of 2024

Vote Smart's Synopsis:

Vote to pass a bill that increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit.

Highlights:

  • Amends child tax credit provisions and increases depreciation allowances to promote economic innovation and growth (Title I, Sec. 101).

  • Establishes special rules for the taxation of residents of Taiwan with income from U.S. sources (Title III, Sec. 302).

  • Increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit (Title IV, Sec. 402-404).

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

Title: Tax Relief for American Families and Workers Act of 2024

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