Congresswoman Foushee’s Statement on the Passage of the Tax Relief for American Families and Workers Act of 2024
WASHINGTON, DC (January 31, 2024) — Today, Congresswoman Valerie Foushee (NC-04), released the following statement after voting to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024.
“Today, I joined colleagues from both sides of the aisle to pass a tax package that will help support hardworking families and small businesses. The package contains priorities I’ve championed including an expansion of the Child Tax Credit and the Low-Income Housing Tax Credit, and relief for small businesses.
“This bill is an important step forward, providing much needed support for over 32,000 children in North Carolina’s Fourth District, but there is more work left to be done. Congress must permanently expand the Child Tax Credit and make it fully refundable and available to families through monthly payments, include support for immigrant families, and reform our broken tax system that benefits and provides tax relief for the wealthy and large corporations.
“Despite continued Republican dysfunction, this bill demonstrates the support Congress can deliver to the American people when working across the aisle.”
The Tax Relief for American Families and Workers Act includes:
- An expansion of the Child Tax Credit that will help 32,000 children in North Carolina’s Fourth District and 552,000 children across the state in its first year.
- A phased increase on the maximum refundable amount per child under the Child Tax Credit from $1,600 up to $2,000 in tax year 2025.
- Adjustment of the Child Tax Credit for inflation through 2025.
- Assistance for disaster-impacted communities including North Carolina hurricane victims.
- Provisions to produce or repair over 200,000 affordable rental homes nationwide, and approximately 4,700 in North Carolina.
- Restoration of the 12.5% increase on the State Housing Credit Ceiling for Low-Income Housing Credit.
- Full restoration of domestic expensing for Research and Experimental expenditures and retroactive relief taking effect after December 31, 2021.
The full bill text can be found here.