Washington - By a vote of 357-70 last night, the House passed a bipartisan, bicameral compromise tax package authored by Senate Finance Committee Chairman Ron Wyden (D-Oregon) and House Ways & Means Committee Chairman Jason Smith (R-Missouri). The bill must now be considered by the Senate before heading to the President’s desk to be signed into law.
The Tax Relief for American Families and Workers Act of 2024 restores and enhances the Child Tax Credit for working families while also expanding business tax policies to encourage innovation and competitiveness such as the Research & Development Tax Credit and reinstated 100% expensing. The bill also provides tax relief to businesses and communities struck by natural disasters, enhances the Low-Income Housing Tax Credit and ends the COVID-19-era Employee Retention Tax Credit Program.
ATA joined a coalition of trade associations and companies in sending a letter to congressional leadership, voicing support for rapid consideration and passage of the legislation.
“The Tax Relief for American Families and Workers Act advances several trucking priorities to promote much-needed investments in our supply chain, like restoring and extending 100% expensing for new equipment,” said Ed Gilroy, ATA’s chief advocacy and public affairs officer. “We support this bipartisan effort that will pave the way for greater freight capacity, efficiency and innovation while strengthening small businesses and fostering good-paying jobs in the trucking industry.”
ATA will continue working to support additional tax priorities for the trucking industry—such as repealing the federal excise tax on heavy-duty trucks and trailers—at every opportunity.