Peoria Standard

Washington, D.C. - Congressman Darin LaHood (IL-16) celebrated the recent passage of the Tax Relief for American Families and Workers Act in the U.S. House of Representatives. The bipartisan legislation aims to strengthen financial security for families, support small businesses, and enhance U.S. competitiveness.

One of the key provisions of the legislation is the enhancement of the Low-Income Housing Tax Credit. These provisions, introduced by Rep. LaHood through his Affordable Housing Credit Improvement Act, will increase the supply of low-income housing by providing increased state allocations and reducing the credit's bond financing requirement.

During the debate on the House Floor, LaHood expressed his support for the legislation, stating, "The Tax Relief for American Families and Workers Act builds off the historic Tax Cuts and Jobs Act to 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."

LaHood further emphasized the comprehensive nature of the Tax Relief for American Families and Workers Act, highlighting its job creation, economic growth, research and development incentives, competitiveness with China, and reduction of red tape. He urged the Senate to pass the bill swiftly in order to provide relief to workers, families, and small businesses in Illinois.

The Tax Relief for American Families and Workers Act includes a range of pro-growth and pro-family provisions. This includes support for working families through a strengthened Child Tax Credit, the expansion of innovation and competitiveness with pro-growth economic policies such as R&D expensing and 100% bonus depreciation, and assistance to communities affected by natural disasters through tax relief and the reduction of red tape. The legislation also aims to eliminate fraud, waste, and abuse by ending the Employee Retention Tax Credit program.

The passage of the Tax Relief for American Families and Workers Act has garnered wide support from the small business community and family organizations.

With the passage of this legislation, the U.S. is taking significant steps towards providing financial security for families, supporting small businesses, and increasing competitiveness. The enhancement of the Low-Income Housing Tax Credit will particularly benefit seniors and working families by increasing the availability of affordable housing.

The Tax Relief for American Families and Workers Act now awaits consideration in the Senate. It is hoped that the bill will be passed swiftly to deliver the much-needed relief to workers, families, and small businesses in Illinois.