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Congressman Valadao Supports Tax Relief for American Families and Workers Act

Washington, January 31, 2024 | Faith Mabry
Today, with Congressman Valadao’s support, the House passed H.R. 7024, the Tax Relief for American Families and Workers Act. The bill contains pro-growth and pro-working family tax policies that will help boost our economy, improve U.S. competitiveness overseas, and support families struggling with the rising cost of living.

WASHINGTON – Today, with Congressman Valadao’s support, the House passed H.R. 7024, the Tax Relief for American Families and Workers Act. The bill contains pro-growth and pro-working family tax policies that will help boost our economy, improve U.S. competitiveness overseas, and support families struggling with the rising cost of living. 

“This commonsense, bipartisan tax bill will strengthen American manufacturing, reduce burdens on our small businesses, and put more money back into the pockets of hardworking Central Valley families,” said Congressman Valadao. “While this isn’t a perfect bill, it contains important policies to help communities throughout the Valley, like extending the low-income housing tax credit and adjusting the child tax credit for inflation. So many people are struggling with the rising cost of living, and this bill will help create jobs and support middle class families.”

Among other provisions, the Tax Relief for American Families and Workers Act:

  • Supports middle-class families struggling with high prices by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024;
  • Extends the increased low-income housing tax credit through 2025;
  • Provides tax relief for communities affected by natural disasters, including hurricanes and wildfires;
  • Supports small businesses by promoting investments and cutting red tape;
  • Restores and extends three expired provisions of the GOP-led Tax Cuts and Jobs Act of 2017 through 2025, including:
    • Full interest deductibility, lowering borrowing costs for small and medium-sized businesses facing the highest interest rates in years, creating jobs and increasing take-home pay for American workers.
    • Allows for 100% bonus depreciation, allowing U.S. companies to fully deduct the cost of investments in equipment, machinery, and facilities, bringing more jobs to America and reducing reliance on China.
    • Immediate expensing for domestic Research and Development (R&D), helping U.S. manufacturers and innovator companies invest in new products and compete with China.