In February, the House of Representatives passed H.R. 7024, The Tax Relief for American Families and Workers Act of 2024, which received overwhelming bipartisan support. The bill includes two Low-Income Housing Tax Credit (LIHTC) provisions that would restore the 12.5% allocation increase for 2023 to 2025 and lower the 50% bond financing threshold to 30% for Private Activity Bond allocations made in 2024 to 2025. The bill also includes a $33 billion expansion of the Child Tax Credit (CTC) for the next three years. While the CTC in this bill is not as generous as the 2021 provision included in the American Rescue Plan, this expansion and continuation of the program acknowledges that the benefits provided by the CTC should be continued. The legislation faced various roadblocks in the Senate, including opposition from Senate Finance Committee Chair Mike Crapo (R-ID) due to the CTC provisions included in the bill. However, ongoing discussions are still happening to possibly move the bill forward for a floor vote. We strongly ask that CLPHA members continue to reach out to your Senators and urge them to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024.
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ACTION: When asking your Senator to support the Tax Relief for American Families and Workers Act of 2024, mention the importance of, and share your support for, the two LIHTC and CTC related provisions in the bill and ask that the housing provisions are retained in the Senate: LIHTC provisions:
CTC provisions:
The ACTION Campaign, where CLPHA is a Steering Committee member, has prepared background and advocacy materials about the Tax Relief for American Families and Workers Act of 2024. |
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