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WASHINGTON, D.C. – Congressman Brett Guthrie (KY-02) released the following statement after voting for H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, Wednesday evening which will extend some of the expiring provisions from the Tax Cut and Jobs Act of 2017, which was signed into law by President Trump and provided historic tax relief to Kentuckians. 

“In 2017, House Republicans and President Trump helped usher in tax cuts across the board to bring down high taxes and simplify the tax system. I was proud to help deliver historic tax relief for Kentuckians and Americans across the nation. This bill helps support hardworking American families and support our small businesses by cutting red tape and allowing for increased small business expensing. As the pro-family party, House Republicans have delivered for families by strengthening the child tax credit while preserving key program integrity standards, like work requirements and documentation to protect against fraud and abuse. This bill also helps businesses to support innovation and growth in the United States by allowing research and development expensing here at home. These historic policies will not only help grow our economy, but keep our nation competitive with Communist China for years to come,” said Congressman Guthrie.  

Background

• The Tax Relief for American Families and Workers Act builds upon the 2017 Tax Cut and Jobs Act to permanently codify many of the cuts as well as provide pro-growth and pro-family policies that support hardworking Americans.

• This bill works to keep America competitive with China by:

o   Research & Development (R&D) expensing so businesses of all sizes can immediately deduct the cost of their U.S. R&D investments instead of over 5 years – supporting innovation and growth here at home.

o   Interest deductibility to help small- and medium-sized businesses meet payroll and grow – particularly at a time of high interest rates.

o   100% expensing for business investment in U.S. facilities, equipment, and machines.

o   End double taxation on businesses and workers operating in both the U.S. and Taiwan – strengthening America’s competitive position versus China.

• Supporting small businesses

o   Increase small business expensing to $1.29 million – a $290,000 increase above the level enacted in GOP tax reform in 2017.

o   Cut red tape for small businesses by adjusting the reporting threshold for subcontract labor from $600 to $1,000 – the first update since the 1950s.

o   Disaster tax relief for communities affected by recent events, including hurricanes, wildfires, and the East Palestine, Ohio rail disaster.

o   Increase access to housing with bipartisan provisions to increase state tax credit allocations and provide more flexibility on bond financing requirements.

For full bill text Click Here.

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