Tax Legislation Could See House Floor Action

January 30, 2024 | Washington D.C.

The House of Representatives returns to Washington, D.C., from a district work period and tax legislation could be voted on this week, according to the schedule put out by the majority leader's office. The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) was sponsored by House Ways and Means Committee Chair Jason Smith (R-MO) and negotiated with Senate Finance Committee Chair Ron Wyden (D-OR).

The bill contains an expansion of the child tax credit and several provisions important to business, including provisions supported by NAIOP. Among these are an expansion of the low-income housing tax credit, extension of 100% bonus depreciation for qualified property, and favorable interest expense deduction provisions. The bill was passed by the House Ways and Means Committee with a bipartisan vote of 40-3.

NAIOP and a coalition of real estate associations expressed support for the legislation and urged Congress to pass the bill. Mike Crapo (R-ID), the ranking Republican on the Senate Finance Committee, has said the bill could be considered by the committee this week, but has not yet expressed support for the legislation.