House panel votes overwhelmingly to advance child tax credit and business tax bill

The House tax-writing panel advanced the major bipartisan proposal that would expand the child tax credit and renew key business investment deductions.

The Ways and Means Committee advanced the bipartisan proposal on Friday in an overwhelming 40-3 vote. The Tax Relief for American Families and Workers Act, which was negotiated between Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR), would expand the child tax credit while also restoring some now-expired tax provisions for businesses.

“When we travel back to our districts next week, we can show our constituents who are struggling with inflation and high interest rates that when Congress works together, we can still achieve big things: bipartisan tax relief that grows wages, supports better jobs, gives families more breathing room, and keeps America competitive on the world stage,” Smith said during the hearing.

The bill
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