Businesses Benefit From New Tax Deal
Posted On
January 24, 2024
The Ways and Means Committee overwhelmingly approved the proposed Tax Relief for American Families and Workers Act. The bipartisan bill would extend credits for research and development, the deduction of interest payments, and bonus depreciation designed to help businesses and increase economic growth. The bill also extends the child and low-income housing tax credits. Costs are offset by ending the COVID-era employee retention tax credit that is plagued by fraud.