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A bipartisan package of tax cuts is awaiting action in the Senate after passing the House by an overwhelming bipartisan vote of 357-70 on January 31, 2024.
The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would make several retroactive changes that would benefit the Marketplaces Industry, including extending 100% bonus depreciation and continuing the larger limitation on business interest deductibility. The bill also includes improvements to the low-income housing tax credit and the child tax credit. You can read the industry letter of support here.
The Senate is scheduled to be out of session for two weeks beginning February 12. The lack of action may cause headaches for taxpayers trying to meet the March 15 deadline to file their pass-through business tax returns.
More information on the legislation can be found here.
If you have questions, please contact Phillips Hinch at phinch@ICSC.com.