Eighth District U.S. Rep. Jason Smith, R-Missouri, is co-sponsoring legislation with U.S. Senator Ron Wyden, D-Oregon, geared towards providing tax relief to both families and businesses. The companion bills contain numerous provisions, including:

  • Expanding access to the refundable portion of the federal child tax credit for the years 2023, 2024 and 2025
  • Eliminating penalties for larger families
  • Adjusting the child tax credit for inflation starting this year
  • Eliminating the Employee Retention Tax Credit Program, which Smith and Wyden say is plagued by fraud and waste
  • Removing double taxation for companies that do business with Taiwan

“American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs,” Smith said. We even provide disaster relief and cut red tape for small businesses, while ending a COVID-era program that’s costing taxpayers billions in fraud. This legislation locks in over $600 billion in proven pro-growth, pro-America tax policies with key provisions that support over 21 million jobs.”

The proposal would also allow businesses to deduct research and development investments immediately instead of having to wait five years. And it would increase the small business cap on writing off investments from $1 million to $1.29 million.

“Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead,” Wyden said. “By incentivizing R&D, this plan is also going to promote innovation and help sharpen our economic competitiveness with China and the rest of the world.”

To view H.R. 7024, click here.

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