The House this week passed a $78 billion tax bill that expands the Child Tax Credit and restores several business tax credits. The bill now heads to the Senate for consideration.
The House, which passed the bill in a 357-70 vote, considered the bill under a fast-tracked rules process that required a two-thirds majority for passage.
The bill would make the Child Tax Credit more widely available to families with multiple children and would increase the credit that those with the lowest incomes receive as a “refund.” On the business side, the bill would restore immediate deductions for research and development. The 2017 Tax Cuts and Jobs Act required that businesses spread those deductions out over multiple years.
The bill also includes affordable housing tax credits, benefits for companies that operate in the U.S. and Taiwan, and other provisions.
The White House has announced support for the tax package.
Senate leaders have not indicated a plan for consideration until at least government funding has been addressed. Current funding expires for most of the government on March 1.
