In a hearing on manufacturing and tax law, U.S. Senate Finance Committee Chair Ron Wyden (D-OR) urged his colleagues in the Senate to pass the Tax Relief for American Families and Workers Act. The bill includes enhancements to the Child Tax Credit (CTC), which would be retroactive to 2023. It also contains provisions to restore R&D expensing and extend 100% bonus depreciation. Although there’s generally bipartisan support for the bill’s business tax items, some Republicans have voiced concerns about the cost of CTC expansion. The bill previously passed the U.S. House, and Wyden warned that if the Senate doesn’t act in 2024, some business tax provisions will expire and harm U.S. companies. Contact us with questions © 2024