H.R. 7024 would amend portions of the Internal Revenue Code of 1986. The revisions discussed in this estimate include those concerning the child tax credit, the employee retention tax credit (ERTC), and various business tax deductions. The bill also would provide tax relief to some people affected by federally declared disasters, make changes to the federal Low-Income Housing Tax Credit (LIHTC) program, and raise the threshold for businesses to report payments to some contractors and subcontractors. In addition, H.R. 7024 would modify the tax treatment of income from U.S. sources that is earned or received by qualified residents of Taiwan and establish a bilateral process for tax agreements between the United States and Taiwan.
