APPROVED & ADVANCES: 2024 Tax Credit BIG CHANGES (Retroactive)

BREAKING NEWS – On January 19, 2024, the House Ways and Means Committee overwhelmingly approved the Tax Relief for American Families and Workers Act of 2024 by a 40-3 vote.

The bill provides for increases in the child tax credit, delays the requirement to deduct research and experimentation expenditures over a five-year period, extends 100-percent bonus depreciation through 2025, and increases the Code Sec.

179 deduction limitation, among other business-friendly provisions.

The bill would also extend tax treaty-like benefits to Taiwan, and extend some disaster-related tax relief.

The provisions are paid for by changes to the COVID-era employee