Tax Relief for American Families and Workers Act of 2024

H.R.7024 - Tax Relief for American Families and Workers Act of 2024 

• 01/17/2024 Introduced in House 
• There are 4 versions
• 07/29/2024 Cloture motion on the motion to proceed to the measure presented in Senate. (CR S5541) CREC-2024-07-29-pt1-PgS5541-3.pdf (congress.gov)

• To make improvements to the child tax credit,
• to provide tax incentives to promote economic growth, 
• to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, 
• to provide tax relief with respect to certain Federal disasters, 
• to make improvements to the low-income housing tax credit, and for other purposes."

• TITLE I—TAX RELIEF FOR WORKING FAMILIES
• TITLE II—AMERICAN INNOVATION AND GROWTH
  • Sec. 201. Deduction for domestic research and experimental expenditures.
  • Sec. 202. Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest.
  • Sec. 203. Extension of 100 percent bonus depreciation.
  • Sec. 204. Increase in limitations on expensing of depreciable business assets.
• TITLE III—INCREASING GLOBAL COMPETITIVENESS
  • Subtitle A—United States-Taiwan Expedited Double-Tax Relief Act
  • Subtitle B—United States-Taiwan Tax Agreement Authorization Act
• TITLE IV—ASSISTANCE FOR DISASTER-IMPACTED COMMUNITIES
  • Sec. 401. Short title.
  • Sec. 402. Extension of rules for treatment of certain disaster-related personal casualty losses.
  • Sec. 403. Exclusion from gross income for compensation for losses or damages resulting from certain wildfires.
  • Sec. 404. East Palestine disaster relief payments.
• TITLE V—MORE AFFORDABLE HOUSING
• TITLE VI—TAX ADMINISTRATION AND ELIMINATING FRAUD

HR 7024 is currently an 86-page bill.  BILLS-118hr7024pcs.pdf (congress.gov)

UNANIMOUS CONSENT AGREEMENTS   H.R. 7024 (ORDER NO. 349)

1.—Ordered, That with respect to the motion to invoke cloture on the motion to proceed to H.R. 7024, an act to make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low-income housing tax credit, and for other purposes, the mandatory quorum call under Rule XXII be waived. (July 29, 2024.)

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