Heller Votes to Deliver Tax Relief for Nevada Families, Double Child Tax Credit

U.S. Senator Dean Heller (R-NV), a member of the tax-writing U.S. Senate Finance Committee, today applauded the Committee's passage of the updated Tax Cuts and Jobs Act, which includes an amendment he filed with Tim Scott (R-SC) that would increase the child tax credit to $2,000. Heller voted in support of the legislation, which now goes to the full U.S. Senate for consideration.

The sweeping Tax Cuts and Jobs Act also includes an amendment Heller filed to make it easier for startups and businesses to give employees an ownership stake in their company's success by awarding stock options as well as Heller's Volunteer Income Tax Assistance Act, which helps low-income taxpayers keep more of their money by supporting free tax preparation sites that help individuals and families file their income tax returns.

According to the Tax Foundation, the U.S. Senate Finance Committee's Tax Cuts and Jobs Act will create nearly 1 million new jobs, increase wages by 2.9 percent, grow the economy by 3.7 percent, and provide more than $1.2 trillion of additional revenue for the federal government. In Nevada, the legislation is expected to boost middle class income by an average of $2,500 and create 8,300 jobs the state.

"By passing the Tax Cuts and Jobs Act out of the Senate Finance Committee today, Congress is one step closer to delivering tax relief to middle-class families in Nevada," said Heller. "I thank Chairman Hatch for his leadership on this sweeping, historic proposal and for including my and Senator Scott's amendment to double child tax credit to $2,000 per child, an increase of $1,000 over current law. This change will significantly benefit thousands of Nevadans by allowing them to keep more of their hard-earned money, and will help families begin to confront the rising costs of raising their children. Whether it's the single mother from Las Vegas who doesn't receive child support, works full time, and is simply trying to make ends meet, or it's the entrepreneur in Elko who's fighting hard to get his small business off the ground, I will continue to stand up for Nevadans who deserve a break and fight to ensure that the final product puts Nevada first."

Background on Senate version of the Tax Cuts and Jobs Act:

Adds more than 8,300 jobs in Nevada and boosts middle class income by nearly $2,500.
Increases the child tax credit for families in Nevada by 100 percent -- changing current law of $1,000 to $2,000. This is a Heller provision.
Makes the child tax credit available to more Nevada families by increasing the qualifying age from 17 to 18.
Reduces rates on lower- and middle-income individuals and families.
Increases the deduction of expenses for teachers in Nevada by 100 percent -- changing current law of $250 to $500.
Preserves the medical expense deduction.
Preserves the mortgage interest deduction.
Preserves the treatment of student loan interest or tuition forgiveness.
Specific Heller provisions:

Includes Heller-Scott amendment that significantly increases the child tax credit from $1,000 to $2,000.
Includes Heller's Volunteer Income Tax Assistance Act, which helps low-income taxpayers keep more of their money by supporting free tax preparation sites that help individuals and families file their income tax returns.
Includes Heller's amendment to make it easier for startups and businesses to give employees an ownership stake in their company's success by awarding stock options.

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