Bipartisan vote moves $78 billion legislation to Senate.
Members of the House of Representatives passed legislation to expand the child tax credit and renew investment deductions for business research and development. Known as the Tax Relief for American Families and Workers Act faces some obstacles in the Senate. President Biden says he supports the plan.
The child tax credit portion of the legislation will benefit lower-income families as it increases the refundable amount per child from $1,600 to $1,800 in tax year 2023, to $1,900 in 2024, and $2,000 in 2025.
The act also renews business tax deductions for research and development investments, a tax break that had once been available but had expired.
As the Lord Leads, Pray with Us…
- For wisdom for members of the Senate as they consider the child tax credit and business bill.
- For Majority Leader Schumer and Minority Leader McConnell as they oversee Senate business.
- For Speaker Johnson as he brings legislation to the House floor for a vote.
Sources: Washington Examiner, The Hill
