Wednesday, 12 June 2024

House passes tax relief for middle-class families, small businesses

WASHINGTON – On Friday, the House passed a bill that would provide millions of middle-class families with tax relief and help grow our economy without increasing the national deficit.

One of the most important provisions in this bill would protect 23 million middle-class families from being hit by the Alternative Minimum Tax (AMT), including more than 42,000 families in California’s 1st Congressional District.

“The AMT was created to make sure multi-millionaires were paying their fair share. It was never designed to hit middle-class families,” said Congressman Mike Thompson, who voted in favor of the Temporary Tax Relief Act of 2007 (H.R. 3996). “This bill is going to bring tax relief to tens of thousands of working families throughout our district. And it’s not going to increase the national deficit by one cent.”

In regards to the AMT, this bill would provide one-year AMT relief for nonrefundable personal credits and increase the AMT exemption amount to $66,250 for joint filers and $44,350 for individuals.

In addition to fixing the AMT, this bill would:

  • Provide 30 million American homeowners with property tax relief;

  • Help 12 million families by expanding the child tax credit;

  • Help 4.5 million families better afford college with the tuition deduction;

  • Save 3.4 million teachers money with a deduction for classroom expenses; and

  • Provide thousands of American troops in combat with tax relief under the Earned Income Tax Credit.

“The new Majority in Congress made a firm commitment to fiscal responsibility,” said Thompson. “This bill provides millions of hard-working Americans with much-needed tax relief, without passing the cost onto our grandchildren and without borrowing from foreign countries, such as China. And it will provide significant help to Americans trying to achieve the dream of homeownership and higher education.”

The bill would also help spur economic growth. The Temporary Tax Relief Act would extend tax incentives targeting small businesses and provides assistance to homeowners facing foreclosure or bankruptcy.

The bill also contains provisions modeled upon two pieces of legislation authored by Congressman Thompson. H.R. 1576 would make permanent tax incentives to landowners who conserve our country’s agricultural land and open spaces. H.R. 1304 would improve the manner in which motor sports complexes may depreciate facility-related expenses.

The bill now heads to the Senate for consideration.



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