||| FROM THE OFFICE OF REP. RICK LARSEN |||
Today, Rep. Rick Larsen (WA-02) supported the Tax Relief for American Families and Workers Act of 2024, a bipartisan bill that expands the Child Tax Credit (CTC) and the Low-Income Housing Tax Credit (LIHTC) and incentivizes investments into research & development (R&D). The bipartisan tax agreement passed the U.S. House of Representatives by a final vote of 357 to 70. The bill now heads to the Senate for consideration.
“The bipartisan tax agreement is great news for more affordable child care and housing in Northwest Washington,” said Larsen. “Constituents and stakeholders in my district have told me how this legislation will break down barriers to affordable housing, help more working families pay for essentials like child care, and enable more small businesses to be competitive.
“The economy is on the move, and this bipartisan tax agreement keeps the economy moving while creating more jobs and lowering costs.”
What the Bipartisan Tax Agreement Does
Specifically, the bipartisan tax agreement includes provisions that:
- Expand access to the CTC and increase the amount of the tax credit. According to the Joint Economic Committee, 23,000 children in Washington’s Second Congressional District and 273,000 children statewide will benefit from the expanded CTC.
- Ensure the CTC phase-in is applied fairly to families with multiple children by including a “per-child” provision.
- Adjust the CTC for inflation starting in 2024.
- Enhance the LIHTC to increase the supply of affordable housing.
- Enable businesses to deduct the full cost of their R&D expenses in the year they were incurred.
Larsen Focused on Boosting Innovation and Lowering Costs
Larsen has long been focused on boosting innovation and lowering costs for Northwest Washington working families and small businesses.
- Larsen supported the American Rescue Plan, which included a temporary expansion in Child Tax Credit that drove the largest reduction in child poverty in American history and helped 76,000 working families in Washington’s Second Congressional District afford child care, groceries, gas and other essentials.
- Larsen supports Rep. Darin LaHood and Suzan DelBene’s bipartisan bill to strengthen the LIHTC and build more than 64,000 new affordable homes in Washington state over the next decade.
- Larsen supports Rep. Ron Estes and John Larson’s bipartisan bill to allow businesses to deduct the full cost of R&D expenses in the year they were incurred.
Additional Information
For more information on the bipartisan tax agreement, click here.
