Congress announces major tax deal to expand child tax credit and revive breaks for businesses
Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses.
WASHINGTON — Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses.
The $78 billion tax agreement between House Ways and Means Chair Jason Smith, R-Mo., and Senate Finance Chair Ron Wyden, D-Ore., caps months of negotiating and pursuing common ground in the divided Congress.
It still needs to be written into legislation and secure the votes to pass the Republican-led House and the Democratic-led Senate, which is not guaranteed. But the top tax writers are hopeful it can pass quickly, before people file their taxes this year.
“American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs,” Smith said in a statement.
The deal, details of which were reported earlier by NBC News, would enhance refundable child tax credits in an attempt to provide relief to families that are struggling financially and those with multiple children. It would also lift the tax credit's $1,600 refundable cap and adjust it for inflation.
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