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118th Congress Taxation

H.R. 7024: Tax Relief for American Families and Workers Act of 2024

Passed HouseJan 31, 2024

  1. Introduced (completed)Jan 17, 2024
  2. Passed House (completed)Jan 31, 2024, 357–70
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, Jan 31, 2024

TITLE I--TAX RELIEF FOR WORKING FAMILIES

This title modifies the calculation of the refundable portion of the child tax credit to require the multiplication of the credit amount in calendar years 2023-2025 by the number of qualifying children. The maximum refundable amount per child of such credit is increased to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with an inflation adjustment beginning after 2023.

The title allows taxpayers to elect in 2024 and 2025 to use prior year earned income in calculating their earned income tax credit

Read the full summary

TITLE II--AMERICAN INNOVATION AND GROWTH

This title allows taxpayers to delay the date on which they must begin deducting their domestic research or experimental research costs over a five-year period until 2026. Taxpayers may therefore expense such costs incurred between 2022-2026.

The title extends the allowance for depreciation, amortization, or depletion in determining the limitation of the business interest deduction. It also extends 100% bonus depreciation and increases the limitations on expensing of depreciable business assets.

TITLE III--INCREASING GLOBAL COMPETITIVENESS

Subtitle A--United States-Taiwan Expedited Double-Tax Relief Act

United States-Taiwan Expedited Double-Tax Relief Act

This subtitle sets forth special rules for the taxation of certain residents of Taiwan, including rules for the reduction of withholding taxes, the application of permanent establishment rules, the treatment of income from employment, and the determination of Taiwanese residency, including rules for dual residents.

Subtitle B--United States-Taiwan Tax Agreement Authorization Act

United States-Taiwan Tax Agreement Authorization Act

This subtitle grants the President authority to negotiate and enter into a U.S.-Taiwan tax agreement after the tax provisions of this title are enacted and effective.

TITLE IV--ASSISTANCE FOR DISASTER-IMPACTED COMMUNITIES

Federal Disaster Tax Relief Act of 2024

This title excludes from gross income, for income tax purposes, compensation for losses or damages due to certain wildfires. It applies only to payments received by a taxpayer after 2019 and before 2026.

The title also excludes payment for compensation for losses or damages from the derailment of a train in East Palestine, Ohio, on February 3, 2023.

TITLE V--MORE AFFORDABLE HOUSING

This title increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026.

TITLE VI--TAX ADMINISTRATION AND ELIMINATING FRAUD

This title increases the threshold for reporting income earned by an independent contractor from $600 to $1,000, with an adjustment to the increased amount for inflation.

The title increases penalties for aiding and abetting the understatement of tax liability with respect to the COVID-related employee retention tax credit.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Jan 31, 2024

On Motion to Suspend the Rules and Pass, as Amended

Passed 357–70

Yea 357two-thirds 285Nay 70

  • Democrats188 yea, 23 nay
  • Republicans168 yea, 47 nay
  • Independents1 yea, 0 nay

Broke with their party: Michael Waltz (R-FL), Ann Wagner (R-MO), Maxine Waters (D-CA), Rashida Tlaib (D-MI), Mark Takano (D-CA), Thomas Tiffany (R-WI), Linda Sánchez (D-CA), Janice Schakowsky (D-IL), Victoria Spartz (R-IN) and Robert Scott (D-VA) voted Nay; and 60 more

See how all 427 members voted

Showing 432 of 432 members

Yea 357

Republicans (168)

Democrats (188)

Independents (1)

Nay 70

Republicans (47) broke with their party

Not voting 5

Republicans (3)

Democrats (2)

Senate

Not yet voted

Passed the House Jan 31, 2024. Awaiting Senate action.

Roll calls

2 votes on this bill

Showing 2 of 2 roll calls

  • Aug 1, 2024SenateClotureFailed, yea-nay 48–44
    Roll call 230 tally by party
    PartyYeaNayPresentNot voting
    Democrats43103
    Republicans34105
    Independents2200
    Total484408

    Senate roll call 230: On Cloture on the Motion to Proceed. Cloture on the Motion to Proceed Rejected.

    6 crossed party lines: 1 Democrat, 3 Republicans, 2 Independents

    How each member voted (100)
  • Jan 31, 2024HouseOn Motion to Suspend the Rules and Pass, as AmendedFinal passagePassed, yea-nay 357–70
    Roll call 30 tally by party
    PartyYeaNayPresentNot voting
    Democrats1882302
    Republicans1684703
    Independents1000
    Total3577005

    House roll call 30: On Motion to Suspend the Rules and Pass, as Amended. Passed.

    70 crossed party lines: 23 Democrats, 47 Republicans

    How each member voted (432)

Amendments

4 offered

Showing 4 of 4 amendments

Who scored on this bill

538 points earned
  1. 1Jason Smith R-MO SponsorIntroduced, reported, discharged, passed House4 events+74
  2. 2Joe Manchin I-WV1 maverick vote; 2 amendments offered3 events+10
  3. 3Robert Aderholt R-AL1 maverick vote1 event+6
  4. 3Jim Banks R-IN1 maverick vote1 event+6
  5. 3Andy Biggs R-AZ1 maverick vote1 event+6
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Jason Smith

History

  1. Jan 31, 2024Passed the House, 357–70.
  2. Jan 17, 2024Introduced in the House by Jason Smith.
Show the full action history (25 actions)
  1. Aug 1, 2024Motion to proceed to measure considered in Senate. (CR S5723)
  2. Aug 1, 2024Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 48 - 44. Record Vote Number: 230. (CR S5749)
  3. Aug 1, 2024Motion by Senator Schumer to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 230) made in Senate.
  4. Jul 29, 2024Motion to proceed to consideration of measure made in Senate. (CR S5541)
  5. Jul 29, 2024Cloture motion on the motion to proceed to the measure presented in Senate. (CR S5541)
  6. Mar 21, 2024Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 349.
  7. Mar 20, 2024Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
  8. Feb 1, 2024Received in the Senate.
  9. Jan 31, 2024Mr. Smith (MO) moved to suspend the rules and pass the bill, as amended.
  10. Jan 31, 2024Considered under suspension of the rules. (consideration: CR H343-358)
  11. Jan 31, 2024DEBATE - The House proceeded with forty minutes of debate on H.R. 7024.
  12. Jan 31, 2024UNANIMOUS CONSENT REQUEST - Mr. Smith (MO) asked unanimous consent that debate be extended by 20 minutes to be controlled by the gentleman from Massachusetts, Mr. Neal. Objection heard.
  13. Jan 31, 2024DEBATE - The House resumed debate on H.R. 7024.
  14. Jan 31, 2024At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  15. Jan 31, 2024Considered as unfinished business. (consideration: CR H358)
  16. Jan 31, 2024Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 357 - 70 (Roll no. 30). (text: CR H343-350)
  17. Jan 31, 2024On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 357 - 70 (Roll no. 30). (text: CR H343-350)
  18. Jan 31, 2024Motion to reconsider laid on the table Agreed to without objection.
  19. Jan 23, 2024Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-353, Part I.
  20. Jan 23, 2024Committee on Rules discharged.
  21. Jan 23, 2024Placed on the Union Calendar, Calendar No. 288.
  22. Jan 19, 2024Committee Consideration and Mark-up Session Held
  23. Jan 19, 2024Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 3.
  24. Jan 17, 2024Introduced in House
  25. Jan 17, 2024Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.