Rep. Panetta Votes to Advance Bipartisan Tax Package
The bipartisan legislation would strengthen the Child Tax Credit, expand affordable housing, support disaster recovery, and better assist small businesses in CA-19.
Monterey, CA – United States Representative Jimmy Panetta (CA-19), a member of the House Ways and Means Committee, voted to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. The bipartisan, bicameral legislation, that Rep. Panetta helped craft, would help families, aid disaster recovery, build additional affordable housing, and better support small business innovation and growth. The legislation passed the House by a vote of 357-70.
“Americans are yearning for the federal government to take action on issues that directly impact their lives and livelihoods,” said Rep. Panetta. “The bipartisan Tax Relief for American Families and Workers Act would provide tax credits for childcare, immediate expensing for small businesses’ investments in research and development, tax-free settlements for natural disasters, and incentives for the development of more affordable housing. This is a good bill, not just for California’s 19th Congressional District, but also for our nation and our nation’s faith in Congress to govern.”
Rep. Panetta was allocated 30 seconds to speak about the Tax Relief for American Families and Workers Act. Watch his remarks: here.
The Tax Relief for American Families and Workers Act would expand the Child Tax Credit, lifting 400,000 kids out of poverty and benefitting 3 million children overall. The legislation would also significantly expand affordable housing, with the potential to build 40,000 new affordable homes in California and over 200,000 across the country. The legislation would also expand the reach of federal disaster assistance and ensure that disaster settlement payments, like those from the Fire Victims Trust Fund, are tax-free.
The Tax Relief for American Families and Workers Act would better support innovation by fixing R&D amortization, allowing businesses to immediately deduct investments in machinery and equipment, and providing more flexibility when deducting interest payments. The bill would also alleviate double-taxation and lower taxes on certain cross-border investments between the U.S. and Taiwan. The Tax Relief for American Families and Workers Act is fiscally responsible and fully paid for.
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