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House Passes Tax Relief for American Families and Workers Act

The House of Representatives voted to pass the Tax Relief for American Families and Workers Act with a vote of 357-70. This bill is very taxpayer friendly with most of the significant provisions being retroactively applied to prior tax years. The ten-year impact of the bill is approximately $78 billion. For producers, the biggest benefits include: ● Increase in the maximum refundable portion of the child tax credit from $1,600 to $2,000, phased in through 2025. The refundable portion would be based on the number of eligible children claimed as dependents and not calculations based on income. The changes are retroactive to 2023, with the maximum refundable portion of the credit being $1,800.

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Lamesa Press-Reporter

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