H.R. 7024, Tax Relief for American Families and Workers Act of 2024
As reported by the House Committee on Ways and Means on January 23, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2028
2024-2033
Direct Spending (Outlays)
3,590
12,840
12,840
Revenues
-113,926
-31,857
12,441
Increase or Decrease (-) in the Deficit
117,516
44,697
399
Spending Subject to Appropriation (Outlays)
*
*
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2034?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2034?
> $5 billion
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between zero and $500,000.
The bill would
Increase refunds under, expand eligibility for, and adjust the child tax credit to account for inflation for tax years 2023 through 2025
Allow businesses to deduct expenses for domestic research and experimentation and to depreciate certain equipment more quickly than under current law
Increase the amount of interest that businesses can deduct as an expense
Increase the threshold for businesses to report certain payments to contractors and subcontractors
Stop claims of the employee retention tax credit and increase penalties for promoters’ violations
Estimated budgetary effects would mainly stem from
Increased outlays for the refundable portion of the child tax credit
Reduced revenues attributable to extending tax deductions for business expenses
Lower outlays and increased revenues from the prevention of future claims of the employee retention tax credit
Areas of significant uncertainty include
Anticipating changes in population, personal income, and business investment
The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. Most of the estimates for the provisions of this bill were provided by JCT.
