Peoria Standard

Washington, D.C. – Congressman Darin LaHood (R-IL) has voiced his support for the bipartisan Tax Relief for American Families and Workers Act, which aims to strengthen financial security for families, support small businesses, and increase U.S. competitiveness. The legislation, successfully reported out of the House Ways and Means Committee by a vote of 40-3, includes provisions introduced by Rep. LaHood to enhance the Low-Income Housing Tax Credit.

LaHood's provisions from the Affordable Housing Credit Improvement Act have been included in the bill, which will increase the supply of low-income housing by boosting the Housing Credit through increased state allocations and a reduced bond financing requirement. Speaking during the committee markup, LaHood expressed his satisfaction with the inclusion of these provisions, stating that they will provide a much-needed boost in affordable housing supply and benefit seniors and working families.

"The Tax Relief for American Families and Workers Act will bolster the financial security of Illinois families and small businesses at a time when they need it most. I am pleased that policies I've championed through our bipartisan Affordable Housing Credit Improvement Act were included in the package. These critical provisions will provide a much-needed boost in affordable housing supply and benefit seniors and working families," said LaHood.

Furthermore, LaHood commended Chairman Jason Smith for negotiating a strong agreement and expressed his eagerness to work with his colleagues to pass the legislation. He believes that the Tax Relief for American Families and Workers Act meets the needs of the American people by creating jobs, stimulating growth, incentivizing research and development, boosting competitiveness with China, and cutting red tape.

"In totality, the Tax Relief for American Families and Workers Act meets the needs of the American people, creating jobs, generating growth, incentivizing research and development, boosting our competitiveness with China, and cutting red tape. I applaud Chairman Jason Smith for negotiating a strong agreement and look forward to working with my colleagues to get this passed," LaHood concluded.

The Tax Relief for American Families and Workers Act of 2024 includes several pro-growth and pro-family provisions. It supports working families by strengthening the Child Tax Credit and promotes innovation and competitiveness through policies like R&D expensing and 100% bonus depreciation. The legislation also aims to assist communities affected by natural disasters by cutting red tape and offering tax relief. In addition, it seeks to eliminate fraud, waste, and abuse by ending the Employee Retention Tax Credit program.

With the inclusion of the Affordable Housing Credit Improvement Act provisions, the Tax Relief for American Families and Workers Act demonstrates a commitment to addressing the affordable housing crisis and providing much-needed support to those in need.

The full details of the bill can be found on the House Ways and Means Committee website.

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"The Tax Relief for American Families and Workers Act will bolster the financial security of Illinois families and small businesses at a time when they need it most. I am pleased that policies I've championed through our bipartisan Affordable Housing Credit Improvement Act were included in the package. These critical provisions will provide a much-needed boost in affordable housing supply and benefit seniors and working families," said LaHood.

"In totality, the Tax Relief for American Families and Workers Act meets the needs of the American people, creating jobs, generating growth, incentivizing research and development, boosting our competitiveness with China, and cutting red tape. I applaud Chairman Jason Smith for negotiating a strong agreement and look forward to working with my colleagues to get this passed," LaHood concluded.