Bill With Child Tax Credit Advances, but Election Politics Test Its Chances
The US House of Representatives passed a bipartisan bill to expand the child tax credit and restore multiple corporate tax breaks, with an approval of 357 to 70. The $78 billion bill, which faces opposition from Senate Republicans, aims to expand the child tax credit, restore business tax breaks related to research and development and capital expenses through 2025, bolster the low-income housing tax credit, and extend tax benefits to disaster victims and Taiwanese companies and individuals. The plan will be financed by curbing the employee retention tax credit. Despite the bipartisan support, the bill faces a challenging path to enactment due to political divides over who should benefit the most.
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