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House Passes Tax Relief Act!

Audio version available here:

Length: approx. 1 min. 20 sec.

The US House of Representatives has voted to pass the The Tax Relief for American Families and Workers Act of 2024, bringing us closer to a $78 billion tax relief package with many benefits for both regular citizens and business owners. 

The act is comprised of several parts, but the first two, Tax Relief for Working Families and American Innovation and Growth, are at the forefront of America's attention. The first part expands the child tax credit, while part 2 holds many benefits for business owners with changes to R&D deductions, adjusted taxable income computation, 100% bonus depreciation, and business asset expensing limitations. To learn more about the act’s provisions, watch our YouTube video with professional CPA commentary.

Is the act likely to pass in the Senate? The bill currently has bipartisan support, and it passed the House with flying colors in a 357 to 70 vote. However, the Senate has not yet provided a scheduled date for voting on the act. Its agenda is currently taken up with several matters, including the ongoing battle for a border security agreement, and the possible impeachment trial of Homeland Security Secretary Mayorkas. 

Due to the act’s sensitive timeline in regards to tax filing season, staying up to date on the latest news surrounding its passage is vital for any taxpayer. For the latest updates and other important tax and business news, follow XQ CPA’s social media. If you need guidance on filing your 2023 taxes, don’t hesitate to give us a call or schedule an appointment online so our team can help you.

Phone: 832-295-3353

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Low shot of House of Representatives chamber doors


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